{"id":166,"date":"2016-04-27T13:09:22","date_gmt":"2016-04-27T17:09:22","guid":{"rendered":"https:\/\/www.lambscourt.com\/?page_id=166"},"modified":"2016-04-27T13:09:22","modified_gmt":"2016-04-27T17:09:22","slug":"condominium-basics","status":"publish","type":"page","link":"https:\/\/www.lambscourt.com\/?page_id=166","title":{"rendered":"Condominium Basics"},"content":{"rendered":"

The owners have paid monthly fees since the units were first built. Some of the fees go into immediate upkeep \u2013 such as snow clearing and lawn mowing \u2013 and some go to a bank account or investment that is held in \u201creserve\u201d, until future repairs are required. Engineers regularly review the condition of the complex to predict future costs, and those costs help determine how much money should be set aside each month and put into the reserve. Buying a unit means that you also become an owner of part of the money that has been set aside, every month, by the owners who came before you.<\/p>\n

Ontario has laws that are designed to ensure responsible stewardship and protection of condominium owners. They apply equally to the Lambs Court condominium corporation. For example, Ontario law requires that the financial funds held in reserve for future repairs must be a minimum size. Ontario law also requires the indepedent engineering studies to evaluate the condition of the property be carried out at certain, minimum time periods. Some condominium corporations do all of their administration and management by themselves \u2013 at Lambs Court, we hire a professional management company that helps look after maintenance as well as being responsible for dealing with financial statements and ensuring that an independent auditor reviews the books.<\/p>\n

The elected Board acts for every unit owner, tasking the property manger with ensuring that contractors fulfil their responsibilities to clear snow in winter, nurture landscaping and lawns in summer and maintain the buildings and grounds to an appropriate standard. The Board also reviews the financial position and engineering studies, giving it the opportunity to direct changes that will keep us in sound condition. The Corporation\u2019s annual meeting is an opportunity to update owners on the Board\u2019s activities and any significant changes, but unit owners may also contact the Property Manager, who meets with the Board regularly, to ask questions or provide input.<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"