The Mark 101 - FAQ's

From time to time, you may have questions about how things work. Refer to these frequently asked questions and answers.
The Condo Board is a group of volunteer Homeowners who oversee and manage the Condominium Corporation.  The Board and the elected Property Management Company will assure all Homeowner Condo Fees are collected and are paid in accordance to the Annual Operating Budget to assure all property services are managed properly.  The Condo Board will also introduce & enforce all Rules as per the Alberta Condominium Act.  New Bylaws are introduced by a majority vote of the Homeowners.
Condo Fees are a monthly payment to the Condominium Corporation which are payable by each Homeowner and are applied to Heat, Water & Gas Utility Expense plus all other common area operating expenses including contribution to the Reserve Fund.  Condo Fees pay all shared property expenses in relation to Common Property.
Condo Fees are determined by the Unit Entitlement  (i.e. the square footage of the condo). A proportionate Unit Factor # is determined and the condo fee is calculated accordingly.
A Reserve Fund is a joint owner savings account which is maintained by the Property Management Company.  A portion of the Homeowner’s Condo Fee payment is applied to the Reserve Fund to pay extraordinary common area expenses, ie, elevator repair, garage door replacement, roof replacement, etc.    The Reserve Fund is noted on the Annual Operating Budget.  When a Condominium Corporation is brand-new; the New Home Warranty Coverage should safeguard against using these funds until the warranty has expired.
The Condo Corporation will assure common area insurance is in place to protect your investment.  This includes areas such as Balconies/Patios, Lobbys, Vestibules/Elevators, Common Hallways/Stairwells, both Underground & Surface Parking Areas, all Landscaped sectors, Exterior Building Finishes, etc. 
YES; a Homeowner should get Insurance Coverage with their chosen insurance agent. As a Homeowner; everything within the box, i.e. Ceiling to Floor & Wall to Wall should have insurance coverage.  Everything from paint finish inwards, need to be insured & protected from liability, etc.
Bylaws regulate the Condominium Corporation and provide for the control, management & admimistration of the units, the real and personal property of the Corporation, the Common Property and Managed Property.
Common elements are “In-Common Shared Areas” of the Community.  This may include; Elevators, Stairwells, Hallways, Lobbys, Garbage/Recylcing/Compost Building, both Underground/Surface Parking Areas, Visitor Parking Areas, Landscaped Areas, Entrance Ways to the Buildings, etc.  These are areas which Homeowners jointly share within the Property.