What do I own when I buy a condominium?TOP
When you buy a condominium unit, your unit is bounded by walls, floors and ceilings. You “own” that which is inside the door, windows and studs.
Why should I consider buying a Condominium?TOP
The benefits of condominium living are often overlooked by those unfamiliar with the concept. Simply put, condominiums combine the rights of private-property ownership, including investment value, with efficient, shared responsibility for common services.
Condominium ownership allows you to own an “apartment-style” home, rather than be limited to renting it. Condominium investment appreciates faster than the rate of inflation, giving you a return on your investment, as well as a comfortable home.
What are some of the questions I ask my Real Estate Agent when considering the purchase of a condominium unit?TOP
(i) Request a copy of the Budget for the Condominium Corporation.
(ii) Ask for specific information on the amount of condominium fees, how and when they are to be paid.
(iii) What are the parking arrangements? Are there extra parking spaces beyond the one assigned with the individual unit?
(iv) Request a general description of the building – details on amenities, common area facilities, etc.
(v) What, if any, security features does the building have?
(vi) What soundproofing features have been implemented in the building’s construction or retrofit?
(vii) Is there on-site staff, a part-time superintendent or is all cleaning and maintenance contracted out?
(viii) Are there any restrictions on the use of the common areas (ie. am I able to install a satellite dish, a clothes line, etc.)?
(ix) Are pets allow in the building? If so, are there any restrictions.
(x) Is mortgage financing available on condominium purchases through the major banking institutions in the same way as if I were purchasing a free-standing home? Are there any differences I need to be concerned with in the financing process?
What should I ask my Lawyer upon purchase of a Condominium?TOP
As a buyer, you should know exactly what you are buying into. If you are purchasing a resale condominium, be sure that you get a copy of the Estoppel certificate. This document will provide a report on the financial state of the Corporation. If you are purchasing a new condo, be sure to confirm that condominium fees cover all necessary expenses. In either case, you should be provided with:
• a copy of the Corporation’s Declaration and By-Laws
• a list of any liens that might be placed against the unit
• confirmation of the Corporation’s insurance coverage
• a copy of the current annual budget
• information on the Corporation’s reserve fund
• a list of the current Directors and contact information
What is an estoppel certificate? Do I need one to sell my unit?TOP
An Estoppel Certificate is required whenever a condominium unit is sold. The seller is responsible for providing this information to the purchaser. There is a fee charged for the provision of this Certificate.
An Estoppel Certificate tells you:
(i) the amount of condominium fees assessed to that unit
(ii) whether the condominium fees are to be paid monthly, etc.
(iii) whether the previous owner has paid his/her share of the condominium fees and what, if any, remain unpaid
(iv) the amount of interest, if any, owing on any unpaid condominium fees
(v) the names of the members of the Board of Directors
(vi) the name and contact person for the management company
(vii) whether any extraordinary capital projects are planned for the corporation
(viii) whether there are major deficiencies, if any
What am I responsible for respecting upkeep and maintenance?TOP
You are responsible for the maintenance, repair and remodeling of the interior of your unit. In many cases, this work may be carried out without reference to the Board, however, if you are moving walls, intending to put down hardwood flooring or anything which may affect another unit or the structure of the building, then you must make a formal written request of the Board of Directors to seek approval to proceed with your proposed changes.
Tell me what are common elements?TOP
The common property is identified in the condominium plan. It normally includes space and facilities outside the units, such as hallways, elevators, heating and electrical systems, laundry rooms, recreation rooms, parking lots, roof, exterior siding and landscaped areas. As the owner of a unit, you are also a partial owner of the condominium’s common property. You agree to share the expense and responsibility for the repair and maintenance of this property with the other unit owners on a proportionate share basis. This is budgeted and paid for our of condominium fees.
What is a condominium fee and, generally, what does my condominium fee cover?TOP
As a condominium owner you are required to pay a monthly condominium fee. A Condominium Corporation needs money to meet its financial obligations – paying for insurance premiums, snow removal, grass cutting, repairs to common property, reserve fund contributions, etc.. The Board sets contributions by taking into consideration the budgeted needs of the Corporation and the unit factors for each unit. Condominium Corporation’s may place liens against a unit’s title if contributions are not paid. They can also charge interest on unpaid contributions
As a unit owner, what are my rights and responsibilities?TOP
(i) the right and responsibility to vote in matters presented to the owners for vote
(ii) the right of access to common areas, subject to the By-Laws
(iii) the right to obtain information on the management or administration of the Corporation
(iv) the responsibility to inform yourself about the Act, the Rules and Regulations, the Declaration and By-Laws, and the governance of the Condominium Corporation
(v) the responsibility to participate in governing the Condominium Corporation – to attend general meetings and to serve on the Board or on a committee
(vi) the responsibility to maintain your own unit and “exclusive use” common property
(vii) the responsibility to abide by the Act, Rules and Regulations, the Declaration and By-Laws and to have your family, tenants and guests do so as well
(viii) the responsibility to pay all condominium fees and assessments on time
If Condos are privately owned, Why are there Common Rules and Regulations?TOP
To help people live co-operatively, and to maintain investment value, condominium corporations have by-laws to help set standards of behavior and guidelines for community living that often far exceed those of rental buildings.
The buildings, grounds and parking areas of condominium complexes are of a high standard. Residents know the rules and for the most part, abide by them.
Can I rent my condominium?TOP
The answer to this varies from Condominium to Condominium. In most cases, renting/leasing is permitted subject to compliance with the Rules and Regulations of the Corporation. Normally, the Board is requested to confirm the tenancy and, in most cases, terms of 3 months or longer are approved. Please note, however, that there are several Condominiums who resist having units leased.
Are there any restrictions on who can live in my unit?TOP
This varies from Corporation to Corporation and may be determined by consulting the Declaration and By-Laws and/or Rules and Regulations of your Corporation or by request to the Board of Directors.
Can I sell my condominium when I want?TOP
The registered legal owner of a condominium may sell his/her unit at any time as you would with a single-family home.
Am I allowed any pets?TOP
This may vary depending upon the Declaration and By-Laws and/or Rules and Regulations of the particular Condominium Corporation. It may only be determined by consulting a copy of the documents or by a request to the Board of Directors.
Can I decorate my unit any way I want?TOP
Most Condominium Corporations have rules set out in their Declarations and By-Laws respecting changes to a unit. In many cases, it is not permissible to do anything that will impact the overall appearance of the exterior of the building. For example, window coverings must be kept similar in order to maintain conformity of the building’s appearance.
Similarly, structural changes to the inside of your unit, such as tearing down a wall or moving a doorway, have to be approved by your Board of Directors. Such policies are not intended to restrict an owner in making changes to his/her home, but rather to protect the structural integrity of the building, which is one of the Board’s overriding responsibilities. More minor issues/cosmetic changes, such as painting, are left to the owner’s discretion.
As is often the case, it is better to err on the side of caution and consult with a member of your Board should you have any doubt or confusion about any project in question.
Can I withhold my monthly condominium fees (or rent) if I am not happy with the operation of the project?TOP
No! This is not acceptable under any circumstances. As a condominium owner or tenant, you have a legal obligation to pay the monthly fee/rent, regardless of whether or not you may have issues with the Corporation or the Landlord. These payments are necessary to cover common insurance, administration and maintenance/upkeep of the property.
If you fail to make your monthly payments, legal action may be undertaken to remedy the situation and all legal costs incurred may be added to the outstanding debt. Obviously, it is in your own best interest to ensure that you honour your financial obligations in a timely manner.
If you are not pleased with any aspect of service to your property, you have every right to bring such matters firstly, to the attention of your Resident-Manager or Building Superintendent. If you do not receive a satisfactory resolution to your problem within a reasonable time, you should then contact a member of your Board of Directors or the Management Company. For condominium owners, other policy or administrative issues may also be raised at your Annual General Meeting for discussion.
Can anyone enter my unit without my permission?TOP
There are circumstances where unauthorized access to your unit is permissible. In most, if not all, cases, a Corporation’s Declaration and By-Laws allow an agent of the Corporation to enter a unit at any time, without notice, in the event of an emergency in order to effect repairs or mitigate any possible damage to the unit or to any part of the building.
Additionally, the Board of Directors may authorize any person, agent or any insurer of the Corporation’s property, entry to any unit for the purpose of correcting any conditions that may violate the project’s insurance policy or that could cause damage to the property. Access in such circumstances must be carried out at reasonable times and following reasonable notice to the unitowner.
What are the duties of Martek as our property management company? TOP
(i) it carries out the instructions of the Board of Directors
(ii) it helps to streamline the role and duties of the Board of Directors
(iii) it provides guidance to the Board of Directors on all aspects of the operation and administration of the Condominium Corporation
(iv) it collects condominium fees (Martek’s employees are bonded)
(v) it provides monthly financial reports to the Directors on cash collected, receivables and payables and reserve fund
(vi) in conjunction with the Board of Directors, it oversees the preparation of the Corporation’s annual budget
(vii) it seeks quotes, co-ordinates bids and arranges contracts for any repair and maintenance projects to be carried out at the project
(viii) it co-ordinates all contracts for snowclearing and lawn care necessary
(ix) it keeps minutes of the Annual General Meeting and circulates to all unitowners
(x) it liases with the Board of Directors on any issues raised by unitowners which may require attention and/or action
Does Martek “own” any part of the Condominium Corporation?TOP
No. Martek does not “own” any units or any part of the Condominium Corporation. It is contracted by the Board of Directors to oversee the physical and fiscal operations of the Corporation as per instructions of the Board and in accordance with the parameters of the annual budget. Martek offers advice and guidance from time to time, however, the Board ultimately decides on any course of action required and instructs Martek to carry out its decisions. Martek is, in effect, an extension of the Board of Directors and acts only as directed by it.
There is a reserve fund in the budget. What is this for?TOP
As buildings age, they need to be repaired and maintained. This also applies to other common areas such as the exterior of the building, asphalt and landscaping. As with all other expenses of the Corporation, unitowners must pay for the repair and/or replacement costs of these “capital” items. As a result, it is a requirement and a responsibility of the Board of Directors to establish an exclusive fund to set aside and “reserve” monies to address these repairs and/or replacements as they arise. The reserve fund monies are invested in Government-backed securities which offer safe, secure returns on these funds.
Please note that if the Corporation does not have enough money in the reserve fund to cover significant repairs as they arise or incurs other large unexpected expenses, the Board may require each condominium owner to pay a special assessment to cover the costs, however, this would only occur in extraordinary circumstances.
What criteria is used to establish most Condominium Corporation By-Laws?TOP
The answer to this is usually simple – common sense! Most people know what they should or should not do. Condominium lifestyle must, by its very nature, be regulated with custom-made rules. Such rules are what make condominium living desirable and distinguish it from other developments.
Before buying into a condominium project, you should always read its by-laws. Even investors planning to rent should review these rules, and provide his tenant with a copy. By-laws state what owners should and should not do, and will detail the duties of the Corporation and its Board of Directors.
Some of the more common “do nots” found in condominium corporations include:
• Run any commercial business from the premises.
• Use the property for any illegal activity, or for any purpose other than as a single-family dwelling.
• Interfere with other residents’ peaceful enjoyment of their homes.
• Make undue noise. This extends to musical instruments and often restricts renovators to limited hours.
• Keep any animal other than as allowed by the by-laws (or Board policy).
• Throw or drop anything from windows or balconies.
• Hang anything esthetically unpleasing over windows or balconies.
• Hang laundry, other than inside the unit.
• Use of balconies or other common areas for storage of any kind.
• Erect or mount any antenna, satellite dish, etc.
• Perform any automotive repairs in parking areas or other common property.
What about developing “Community Standards” in our Corporation?TOP
Condominium owners often question the necessity of having so many rules governing their day-to-day use of the common areas and their units. They view the rules negatively, as “restrictions” rather than consider the positive effects that rules have in promoting the enjoyment of their condominium lifestyle. These owners often forget, for example, that in a freehold home setting, there is no Board or property manager to intervene to stop the family next door from turning their driveway into an autobody shop.
To a certain extent, rules are a necessity in condominiums because this style of ownership generally means that a large number of people will be living in close proximity to one another. Rules are needed to ensure that owners don’t encroach on the “space” of others. But rules can be much more than restrictions. They are the foundation upon which community standards can be built.
According to Section 13(1) of the Condominium Act, “The corporation may… make by-laws … governing the use, maintenance, management and administration of the property and assets of the corporation; respecting the use of any of the units for the purposes of preventing unreasonable interference with the use and enjoyment of the common elements and other units”. Both existing and new rules should satisfy one or more of these purposes, should be consistent with the Act and with your Declaration and By-Laws, and must be “reasonable”.
Rules should be implemented and enforced without a significant change in lifestyle for the majority of owners. They should be enacted only if they are absolutely necessary and should be designed so that they affect the fewest activities possible. Rules should be drafted carefully and contain a large dose of common sense.
Condominium corporations that have a good set of rules and who apply them in a consistent and fair manner should have little difficulty enforcing them against those few owners who won’t live up to the community’s standards.
In conclusion, good rules promote a healthy environment within the condominium community and ensure support for the Board when it becomes necessary to enforce them. Rules that are well thought out are easy to understand and are therefore communicated more effectively to the residents which in the long run should reduce the number of disputes involving rule violations.
Source: CCI Review, London and Area Chapter. Summer 2002.
How do the Condominium Fees in my Corporation compare to the fees in other Corporations?TOP
Attempting comparisons is like mixing apples and oranges. Fees may range anywhere from $100 to $500 plus monthly, depending on the history and unique circumstances of a particular condominium project. A fee that appears low may not indicate a purchasing bargain but rather an underfunded condo operation. A fee that appears rather high may indicate realistic costs of a high level of services and amenities.
Better to spend some time learning the basis of your Corporation’s fees and determining how realistic they are. Your condominium fees are based on a budget, which estimates the usual annual expenditures for the Corporation. These “common area” expenses include: maintenance and repair costs, insurance, management fees, legal and accounting fees, parking, “reserve fund” contributions set aside for future repairs and replacements, and depending on the type and style of corporation, may also include special amenities and services, such as indoor swimming pool, recreation areas and/or a corporation-owned suite for live-in superintendent.
If, after careful study of the Corporation’s budget and financial statements, you are (dis)satisfied about how the money is spent, take the next step. Attend and participate in meetings of the owners so that the Board is aware of your opinion.
Finally, give consideration to standing for election to the Board of your Condominium Corporation to have more direct involvement in planning decisions about types and levels of expenditure.
Source: CCI Review, Atlantic Edition. Summer 2002.
How do we deal with an aging population?TOP
Given the demographics of condominium ownership, many Condominium Corporations are having to consider the problem of dealing with residents who are still physically fit but may be failing in their ability to take care of themselves.
This issue has social and moral implications. Everyone is sympathetic but also feel an obligation to protect their property and the safety of other residents. If you are aware of such a situation, there are a few things you can do to help.
• Be aware of your neighbours. Changes in behavior or erratic behavior often indicate an underlying problem.
• Note the more obvious telltale signs: gas and smoke smells, excessive water running, flooding incidents, unretrieved mail, garbage accumulation and extreme TV/radio volume at odd hours.
• If you notice any of these signs, please bring them to attention of a member of your Board of Directors or Building Superintendent so that efforts can be made to communicate with a family member.
Taking these steps will not only be helpful to any resident dealing with such problems, but will also help create a “community spirit” amongst all residents.
What about age restricted Condominiums?TOP
Given the demographics of Condominium ownership, developers are creating a variety of age-restricted projects. Seeking peace and quiet, today’s “baby-boomers”, often choose to live in condominium complexes that do not allow children. In fact, some don’t allow anyone under the age of 55 to live there. Such by-laws are enforceable by the corporation.
What are the duties of the Board of Directors?TOP
Every Condominium Corporation has a Board of Directors elected by the owners. The By-Laws outline how many directors, how often they are elected and any eligibility requirements. Directors are volunteers (usually owners) who have agreed to take on the responsibility of administering the Condominium Corporation. The Board conducts its business by holding regular meetings.
The Board is responsible for:
(i) Abiding by and enforcing the Act, Declaration and By-Laws of the Corporation.
(ii) Deciding how the condominium corporation is to be managed.
(iii) Managing, administrating and maintaining the common property, including any repairs.
(iv) Arranging insurance for the Corporation.
(v) Setting and collecting condominium fees and dealing with the financial administration of the Corporation.
(vi) Maintaining the capital reserve fund for major capital repairs and maintenance.
(vii) Hiring and supervising employees, contractors and any condominium manager or management company.
(viii) Holding an Annual General Meeting and reporting to the owners on its stewardship of the Corporation.
Can I be a member of the Board of Directors?TOP
Any unit owner who is in good standing (i.e. all condominium fees are paid to date) is eligible to become a member of the Board of Directors.
Should I get involved in the Condominium Community?TOP
A condominium community operates much like a small town. The Board of Directors, elected by unitowners, acts as “town council” and takes on the responsibility of the running of the Corporation on their behalf. These Directors are volunteers who have chosen to donate their time to make their lives and the lives of their neighbours better.
Such volunteerism is the backbone of any community association, and condominium corporations are no exception. Residents are united by common goals and interests, and have a shared responsibility to create a cohesive, co-operative community.
Everyone has their own reasons for volunteering or choosing not to. But here are a few reasons why getting involved could be right for you:
• Social Conscience - A commitment to improving the community and “giving something back” is a principle which everyone should be guided by. It’s all too easy to sit back and complain about issues or to criticize decisions once they are made. This kind of negative approach can only serve to erode the sought-after sense of community. Having more residents involved will help offset such negativity and add to the cooperative spirit.
• Learning – Understanding how a corporation functions is vitally important to all unitowners. Unfortunately, this is often overlooked until a problem arises. Almost without exception, anyone who has served on a Board of Directors has found that their prior perception of how a Board functions was very different from the actual process. Too few owners are familiar with the parameters of the Board’s authority and the guidelines under which it must operate.
• Express your Viewpoint - Being directly involved affords you the opportunity to be on the “ground floor” of decisions being made at the Board level. As a result, you are able to bring the benefit of your own social background and work experience to this process. In dealing with any problems or issues, presenting differing views for debate and discussion will ultimately lead to a decision in the best interests of all.
• Protecting your Investment – In purchasing your condominium and common area interest, you have made an investment in your future. It just makes good sense to want to have some input into issues which may have a direct impact on you and your home. Being part of the decision-making process can assure you that all decisions are made with the best information available and the owners interests being tantamount.
Filling Vacancies – Even the best, most motivated volunteers will eventually need to be replaced. Some will have completed their terms, some will move and others may have medical or family problems that take priority. As well, long-standing Boards periodically need injections of new insights and viewpoints to effectively carry on its work. In all of these cases, new members are needed and all owners should keep this in mind when such vacancies arise.
Being a Board member or volunteer does not require the commitment of a great deal of personal time. Some Boards meet monthly, others quarterly. This may vary depending upon the number of current issues at any given time. But a few hours a month is a small investment to make if you consider the benefits it can bring.
In closing, it is unfortunate that Boards are often viewed as being “them”, not “us”. Some Board members are seen as people who are simply meddling in the lives of the residents. Granted, there is the occasional director who may become “too involved”, but the majority of the members are dedicated to making life in the condominium corporation better for everyone. They work hard on your behalf and need the support of all residents.
If you find that serving as a volunteer is something which you cannot commit to, at the very least, you should attend general meetings and vote on issues. All democracies, including Condominium Corporations, will work best with the active interest and participation of all members.
Our Board has one member who is over-analyzing the budgets, the Resident-Manager and all of the Boards activities to the point that other Directors are both irritated and sometimes even intimidated. We fear that we might lose the Resident-Manager over this behavior. How can we deal with this tactfully since we would like to keep her as a Board member?TOP
Open discussion by the Board with the particular Board member would be a good first step. It may be that she is simply unaware of the negative impact that her approach is causing. Being direct, but tactful, is probably the best course of action. A private discussion amongst the other Board members in advance of meeting with the “over-zealous” Board member, would help to present a more unified effort.
Depending upon the response received following the initial meeting, the Board might also consider limiting any special roles or duties that this member may be responsible for. Trying to keep this individual in a lower profile position might help lessen some of the difficulties being experienced.
If he/she is not receptive to the concerns brought forward, then the Board might have to consider proposing her removal from the Board before the more productive Directors decide to resign. The Board should carefully consider such a proposal, since unitowners will certainly ask about it. Explanations must be clearly presented and supported by facts.
Unfortunately, there is no easy solution to such a situation. But being honest and direct is always the most effective approach and the hope that good judgement on the part of all involved will prevail.
At our last General Meeting, there was one individual who dominated the meeting. He interrupted and constantly complained without listening to a response to any of the questions he presented. He was loud, obnoxious and rude, and other owners have since stated that they are reluctant to attend future meetings due to his conduct. How can we handle such a situation in a professional manner? TOP
The textbook solution to deal with one person dominating a meeting is to ensure your meetings follow a more “structured” format, leaving less room for one obstructive person to take control. However, in real life, this is not so easily accomplished.
One suggestion is to limit the amount of time each person is permitted to speak. For example, you may open the proceedings by stating that the meeting will be for a specific time frame and, given the agenda and number of people present, no one member will be permitted to comment for more than “x” amount of time on any given topic.
It should also be stated clearly that if a question is posed by an individual, that person must then allow the appropriate party to respond without interruption. It is important in any meeting but particularly so when unruly behavior is anticipated, that the Chair take a firm stand so that he/she maintains control throughout.
If the disruptive behavior continues after setting out the guidelines for the meeting, then the offending party should be asked to remove himself from the proceedings before any further business will be dealt with.
Efforts should always be made to allow the democratic process to precede, however, the meeting and the personal time of a majority of those present should not be sacrificed due to the unacceptable conduct of one or more individuals.
While I appreciate that we are all aging, how do we deal with a Board member who has failing faculties affecting his judgement? We do not want to come across as insensitive, but we are concerned that important decisions may not always be made in our best interests.TOP
As a unitowner and/or Board member, you cannot determine another’s capacity and should not attempt to do so. However, when decisions critical to your Corporation are being considered, other Board members have an implicit responsibility to intervene.
If Board decisions are being affected by one Director’s poor judgement, the Board is not governing as it should and is in fact, doing a disservice to all of the members of the Corporation. Failing his removal from the Board, the remaining Directors take on the added responsibility of ensuring that he does not negatively influence the decision-making process.
Depending upon the particular circumstances, it may be a situation where a family member may be sensitively approached to bring the issue to their attention and seek their advice. They may be helpful in influencing the individual to step down from the Board, if warranted.
I live in an “adult community” where most of us are over 60 years of age. As a result, there seems to be a growing reluctance to spend the money necessary to upkeep our property – every expenditure is being challenged. How do I explain the importance of proper preventative maintenance and adequate contributions to our reserve fund?TOP
Patience is the Number 1 Rule to remember here. Although it may be a challenge, you must try to see things from their perspective and tackle the issue from the “inside-out”. Chances are they are not trying to be difficult, just unaware of the seriousness of the matter. Your management company may be your best ally here, since they have probably witnessed first-hand what can happen when properties are not maintained as they should be. Compounding a poor maintenance policy with an underfunded reserve balance and you are likely on the road to disaster.
All owners must be reminded that the condominium is their “home” and its care and maintenance should be an issue of the utmost importance to them. In the same way that a detached home must be maintained and future expenditures planned for, so must condominium units and buildings. It is absolutely unavoidable that major expenses will be incurred and the only want to prevent that inevitability from becoming a financial burden is to plan for it in advance. Reserve funds become your safety net and if you do not ensure that your “net” is strong enough to withstand a planned or possibly unforeseen circumstance, then it will let you down when you need it most.
Preventative maintenance and a properly funded reserve are vitally important to every condominium owner and it is incumbent upon all owners to support Boards of Directors and Management Companies in their efforts to make these items a priority – no matter what your age may be. For those owners who may be of an advanced age, this same approach will help protect your investment and the value of your estate. As a result, there should never be a time during your ownership of a condominium unit that the ongoing maintenance and upkeep of your unit and your building is not given the priority and attention that it deserves.
What does the condominium Corporation's insurance policy cover?TOP
The Condominium Corporation is responsible for insuring the building structure including all common elements, normally all condo units, and any contents of the building owned by the Condominium Corporation. In a nutshell, the Condominium Corporation, in most Newfoundland situations, would provide for complete coverage excepting your personal contents and improvements that were made subsequent to purchase. The exception to this statement, would relate to some townhouse type projects that have a differing insurance protocol than do the "multi-unit projects”.
Does the Condominium insurance cover kitchen cabinets?TOP
A policy placed by the Condominium Corporation would include kitchen cabinets that were in place at the time the project was built. Should you happen to replace your kitchen cabinets or improve them, then the value of replacement would be the value of the original cabinetry. Any additional cost would then be picked up by your individual "Condominium Unitowner’s Insurance Package”.
Is there a difference in the insurance carried by a townhouse- type project versus an apartment-style project?TOP
Most townhouse-style condominium projects do not provide for the insurance on each home. As such, it is up to unitowners to provide for the insurance for their own unit. In cases such as this, the Condominium Corporation would carry only a public liability policy. It is suggested that if you are buying a townhouse style condominium project, you clarify this with the real estate agent representing you at the time of purchase or discuss it with Martek.
What is the difference between a "condo package" and a "tenant’s package"?TOP
The condo package differs from a tenant’s package in that it provides coverage for both your personal contents as well as for any additional improvements that you may have made to your unit. It also provides additional insurance should, in the rare occasion, the policy carried by the Condominium Corporation not be adequate.