Condo Smarts: Borrow from contingency fund to avoid loan charges
Dear Tony: Every year, our strata corporation insurance renews at exactly the same time as our new budget is approved. As a result, we never have enough money in the our operating fund to pay the bill, so the strata corporation finances the insurance policy over 12 months for easy payment, which is more than $80,000. One of our owners has challenged this practice, claiming we did not disclose the amount of the financing in the budget, and the strata did not get approval for the financing. Have we violated the Strata Property Act? Read the article………..
Dear Tony: Do you have any idea what is happening with strata corporations who have sections? We are getting all
NEW legislation came into effect this week that provides better protection for condo buyers, but also creates some potential headaches
No one was hurt in a fire that ravaged a downtown Kitchener condominium complex at St. Leger and Louisa streets