Condo buying: Condo boards
Being heard takes investment
"Any time feathers get ruffled, people will take on a more active role," says Julie Dempsey, a realtor and sales associate with Sotheby's International Realty.
BARBARA BALFOUR, CX
When you invest in a condominium, home doesn’t start at your front door. It starts the moment you drive into your community.
“It’s essentially no different than moving into a new town, so it’s important to get a feel for where you live,” says Lauretta Enders, vice-president of Emerald Management and Realty Ltd. “Read the bylaws, review the minutes from past condo board meetings, and look for the unique personality or culture of your community that might be reflected in the house rules and regulations.”
Aside from understanding what you now own, it’s also important to know how to make your voice heard, both proactively and when things go wrong.
Some condo owners choose to take an active role in the decision-making process by running for a position on the condominium board.
All condo owners are invited to attend the annual general meeting where condo board representatives are elected.
“It’s a very democratic process,” says Julie Dempsey, a realtor and sales associate with Sotheby’s International Realty. “You can put your intent in writing beforehand, or come to the AGM and submit your name in writing. At the meeting you would stand for election and say a few words about yourself; people can then choose to vote for you, or someone else.”
Board meetings are usually held on a monthly basis; members run through the financials, security issues or defects that need to be taken care of, and general day-to-day maintenance.
“These meetings are generally closed and you wouldn’t know where they’re taking place. If there’s an issue you want to discuss, you can write in to your property management company and ask permission to attend and ask questions directly,” says Dempsey. ...Read More
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