New condominiums are legally created once two documents are registered. These are the description and the declaration. The description consists of building plans and property survey. The declaration is the equivalent of a constitution of the condominium corporation. It sets things such as the definition of units and common elements, outlines the division of ownership of each, and outlines how much each unit owner must pay in monthly condo fees.
In addition to these two documents, condominiums also have by-laws and rules. By-laws deal with matters such as the duties and powers of the board of directors of the condominium, collection of common expenses, and how meetings are conducted. Rules cover the everyday rights and obligations of the residents and owners of these condominiums, including such issues as the ownership of pets, and what documents owners must file if they want to rent their unit.
Each condominium development becomes a condominium corporation when the declaration and description are registered. All condominium owners are owners in the corporation and are given rights to vote on certain matters. The directors o the corporation, who are elected by the owners handle the day-to-day running of the condominiums.
In addition to these two documents, condominiums also have by-laws and rules. By-laws deal with matters such as the duties and powers of the board of directors of the condominium, collection of common expenses, and how meetings are conducted. Rules cover the everyday rights and obligations of the residents and owners of these condominiums, including such issues as the ownership of pets, and what documents owners must file if they want to rent their unit.
Each condominium development becomes a condominium corporation when the declaration and description are registered. All condominium owners are owners in the corporation and are given rights to vote on certain matters. The directors o the corporation, who are elected by the owners handle the day-to-day running of the condominiums.