Post
Turn-Over
Post Turn-Over refers to the process of transferring management responsibilities from the developer to the condominium corporation. This transition involves crucial tasks such as establishing a condominium board, document handovers, and financial audits. It ensures a smooth shift in governance and compliance with legal requirements.
Section 43 of the Ontario Condominium Act, 1998 (the “Act”) provides for a number of requirements regarding the turn-over meeting, that of which the developers are mainly responsible for and may be liable to legal action and fines if they do not comply with the turn-over requirements.
Post Turn-Over concerns may include those that pertain to Construction Deficiencies & Tarion, Section 113 Applications to Terminate Mutual Use Agreements, and First-Year Budget Deficits.
Construction Deficiencies &
Tarion
Construction deficiencies can be a significant concern for new condo owners. Tarion, a program that ensures buyers receive coverage under their builder’s warranty, offers some protection against these issues. Pulver on Condos can help thoroughly assess your situation, identify construction defects, and help you navigate the Tarion claims process effectively. We aim for quicker resolutions and fair compensation, ensuring that your investment in a new condo remains a source of pride and comfort rather than a source of frustration.
Section 113 Applications to
Terminate Mutual Use Agreements
Section 113 of the Act provides for a means for condo corporations and owners to apply for the termination of Mutual Use Agreements (MUAs). When parties wish to end such agreements, they can submit applications to the Condominium Authority Tribunal (CAT). CAT assesses these applications, weighs the interests of all parties involved, and makes decisions regarding the termination of MUAs. This section of the Act ensures a fair and transparent process for resolving disputes related to the mutual use of shared facilities/common elements within condominium communities. Pulver on Condos has significant experience in dealing with such issues extensively before the CAT.
First-Year Budget
Deficits
First-year budget deficits refer to a situation where the initial budget for a condominium corporation falls short of covering its anticipated expenses during the first year of operation. These deficits can arise due to the underestimation of costs, unexpected repairs, or the mismanagement of finances. Condo owners may need to cover these deficits through means such as special assessments or borrowing from the reserve fund. Addressing first-year budget deficits is crucial to ensure the financial stability of the condo corporation and to comply with legal obligations in accordance with the Act to maintain common elements and services.
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