A reserve fund is like a savings account or insurance policy for special expenditures that may come up in the future. In some provinces, condos have to have a reserve fund in a bank account that is separate from the general budget account. All monies in this account have to be placed in easily accessible… Read more »
Monthly Archives: May 2015
How to RENT intelligently
Renting an apartment can be an easy and pleasant experience or a living hell, and both outcomes generally depend on whether or not you have a good landlord. I will provide you insight on how to avoid common pitfalls and how to rent intelligently. Rent isn’t necessarily negotiable, but many landlords are willing to compromise… Read more »
Don’t purchase with your EYES closed – Request a Status Certificate
Status certificates are dealt with in s. 76 of the Condominium Act, 1998 which is a consumer protection statute. The purpose of a status certificate (for a purchaser) is so that the purchaser can make an informed purchase decision. The reason that this is important to a purchaser is that condominium unit owners are personally liable for… Read more »
Baby Boomers impacting the Rental Market
While much attention in the rental market focuses on ‘millennials’, there is another large population segment in North America, almost 80 million people, not to be ignored. Research projections suggest that between 8,000 and 10,000 baby boomers reach age 65 every day. Many retiring boomers may still want the security of home ownership, but others… Read more »
BE AWARE of the new Legislative changes in 2015!
There are plenty of important legislative changes that came into effect as of January 2015. Some apply to condominiums, some apply only to larger condominiums. Some apply to property management companies. Here are a few: 1) Building Code – amendments come into force in January to promote greater accessibility for persons with disabilities. The amendments apply to most… Read more »
What kind of CONDO are you?
In Ontario, there are a number of types of condominiums that may be developed. Under the Condominium Act, 1998, the types of condominiums provided for fall into two categories: leasehold and freehold. There are then four subcategories of freehold condominiums: standard, phased, common elements, and vacant land. This post will provide a brief overview of the… Read more »
When can I increase the RENT?
When can the rent be increased? When beginning a tenancy, the landlord and tenant decide on what the rent will be for the rental unit and what services will be included in the rent (for example, electricity, heat, and parking). In most cases, the rent may not be increased for the first 12 months of… Read more »
Know what a DEPOSIT is!
We often encounter landlords and tenants alike who do not understand their rights and obligations with respect to deposits. To ensure you are in compliance with the Residential Tenancies Act, we are happy to assist you. This blog will provide you with a brief overview of the types of deposits a landlord is allowed and not… Read more »
How to EVICT a tenant
We’ve all heard stories about the difficult tenant. However, for some landlords, those stories are not merely funny anecdotes but horrifying memories. Most cases of the difficult tenant begin when the tenants begin to think of themselves as the new landlord, deciding that rent is optional or simply unnecessary. Some tenants may have committed an… Read more »
What is a Reserve Fund Study?
A reserve fund is a separate fund that is maintained by the condominium corporation. The reserve fund is funded by condominium owners, and is used to pay for the major repair and replacement of common elements and assets of the condominium corporation. This does not include routine repairs or maintenance such as snow removal. For… Read more »
