Q. What is mine and what belongs to the Corporation?
A. Condominium corporation consist of two parts: the unit which is individually owned and the common elements which are shared and jointly owned by all the individual owners as condominium corporation members. The Declaration outlines this in detail. However, no two Declarations are alike, so make sure you review the Declaration in detail as it applies to your property.
Q. Are there restrictions on what I can do with my unit?
A. Yes. A condominium owner’s rights of ownership are more restricted than other homeowners. A condominium owner must abide by all the provisions of The Condominium Act, the corporations Declaration, By-Laws and Rules and Regulations. An owner may not damage or neglect his unit to depreciate the value of the community as a whole. Most Declarations for residential condominiums specify that units can be used only as a private, single family dwelling. They can not be used for commercial purposes. Usually the owner is forbidden from any actions which would threaten the corporation’s insurance coverage (e.g. having a barbecue on the balcony) or making any structural changes to his unit without the consent of the Board of Directors.
Q. Who qualifies to be a Director?
A. According to The Condominium Act, 1998 no person under the age of 18 and no undischarged bankrupt or mentally incompetent personal shall be a director.
Q. What is the responsibility of a Director?
A. While day-to-day management decision are normally made by the management firm under contract to the corporation, final authority for policy decision rests with the Board of Directors of the Corporation.
Q. When are my maintenance fees due?
A. Maintenance fees are always due on the 1st business day of the month. If you are paying by a cheque please send 12 post-dated cheques to our head office. If you are on a Pre-Authorized Payment Plan the fees will be deducted automatically on the first business day of the month.
Q. How do I sign up for the Pre-Authorized Payment for my maintenance fees?
A. Pre-Authorized Payment form is available from our office or on this website (link is located on the bottom of each page). Attach a blank cheque for your account marked VOID, and mail or deliver to our head office.
Q. What happens if I change financial institutions or accounts?
A. You complete a new authorization form and attach a void cheque with your new account information on it. Return the complete form to our office so we can update our records.
Q. How long does it take to complete a status certificate and what is the cost?
A. A status certificate must be provided within 10 days after the management receives a written request. The prescribed fee for a status certificate is $100 payable in cash, money order or certified cheque payable to Zoran Properties Inc. Law firms, ONLY, may pay by a company cheque.
Q. Can I get a copy of the Condominium Act?
A. The link for a Condominium Act is available for viewing on our website under “Overview -Links”. Should you have any questions regarding your property you may always contact our office at 416.620.5696 or email@example.com.
Q. What happens when my property mangers is away?How will my property be managed?
A. All our property managers maintain comprehensive property histories through Corporation Data Sheets and Property Work Schedules. That means if your assigned property manager is away, another qualified manager will have immediate and easy access to the history of your property.
Q. Are people allowed to canvass for political candidates on condominium property?
A. The Condominium Act, 1998 specifically recognizes the right of political canvassers to have access to citizens at reasonable hours. The corporation is not allowed to forbid access and may be subject to a court imposed fine.
Q. How do you choose vendors that you work with?
A. After servicing the real estate industry for over 20 years, Zoran Properties Inc. has built a strong relationship with a number of excellent companies. Our list of vendors is extensive as well as our familiarity with their quality of service and the price guarantee. We strongly believe the quality of their service is a reflection of us. For that reason, our VP of Operations carefully selects the companies we work with based on their experience, references and other important criteria. All vendors used by Zoran Properties Inc. must provide us a copy of the WSIB Clarence Certificate and a copy of the General Liability Insurance.
Q. What type of accounting software do you use?
A. Our financial department is systematized through the use of YARDI Genesis and Microsoft Office, which assist in providing complete and accurate accounting services crucial to daily operations.