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Annual General Meetings (AGM)
Once per year and within 15 months of the previous meeting, a condominium board must conduct an Annual General Meeting of unit owners. During the AGM, the retiring board members submit financial and operational reports for the past year. A new board is selected by the owners to address any unfinished or new business which may include the appointment of auditors.
Brown bag it. Believe it or not, all of those lunch hours spent at the local restaurants begin to add up.
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Bare Land Condominium
Traditional condominium units share a common lot, walls and roof of a property. Many townhouses and villa communities erected today are developed as bare land condominiums. The individual structure is completely within the unit boundaries and only the land is shared.
Condominium Plan
Each condominium community has a registered plan at a land titles office. This plan stipulates the perimeter of the lot, the location of all buildings within the lot, the unit boundaries, and the unit-factor distribution. The document replaces the original single title with unit titles.
Condominium Property Act
Act which is governed by the Saskatchewan statute that directs, supports and regulates condominium ownership. Each province has jurisdiction over land titles and each has its own legislation for condominiums. The basic concepts of the act are similar; however, administrative technicalities, legislative scope and cornerstone provisions may vary significantly from one province to another.
Reserve Fund
The Reserve Fund is a pool of money which is established for the replacement and repair of major parts of the property beyond the regular or annual recurring maintenance. It is officially termed the Capital Replacement Reserve Fund and is held in secure investments that are generally fairly liquid.
Reserve Fund Study
This study is an assessment of the present condition of the property, an inventory of all components and an estimate of the projected timing and cost to replace or repair the depreciating components within the next 25 years.
Shop alone to avoid being tempted by others (e.g., children) to buy frivolous, expensive items.
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Reserve Fund Report
The individual who completes and assesses the reserve fund study submits a Reserve Fund Report to the Board. The report outlines the qualifications of the assessor and identifies all conclusions and impact of the study.
Reserve Fund Plan
Upon review of the reserve fund report, the condominium board will approve a Reserve Fund Plan from which a reserve fund is established or amended as needed. This plan will also include the regularity and amount of funds to be set aside to maintain the fund. The corporation is obligated to provide owners with a copy of the Reserve Fund Plan prior to the collection of any funds.
Special Resolution
A Special Resolution such as the enacting or amending of bylaws and the transfer or leasing of common property is usually passed in a properly convened general meeting. The meeting must be attended by a majority of not less than 75 per cent of the persons entitled to vote and representing not less than 75 per cent of the total units. In the absence of a meeting, unit owners representing the same majorities may agree in writing to a special resolution.
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