This post is geared towards the managers and self-managed boards out there. As you have probably heard by now, the amendments to the Act have been described as providing greater protection to owners. Only time will tell, but one thing that is clear: there will be a lot more paperwork!
Condominiums will be responsible for filing the following with the Registrar:
- Returns – initial return after registration; turn-over return; annual return; and other returns as may be prescribed.
- Notices of Change – in addition to filing notices of change of address, condominiums must also file notices of every change in directors.
Condominiums will also be required to provide more information to the owners:
- Information certificate – at least once every 3 months (or as prescribed) condominiums must send a certificate to all of the owners that describes the address for service, names and addresses of directors and officers, the status of all legal actions involving the condominium, certificate or memorandum of insurance, and other prescribed information.
- Pre-Notice – the condominium must send out a preliminary notice at least 20 days before the notice of meeting is sent to owners.
- Status Certificates – additional material and information must be provided, including a statement of the financial implications of any legal actions.
- Information Requests – if requested, condominiums must provide the names and addresses for service of all directors, officers, managers, and other persons delegated the responsibility for providing status certificates.
- Budget – within 15 days of preparing a budget or amending it the board must provide notice to the owners along with a copy of it.
- Extraordinary expenses – if the board proposes to incur an expense that exceeds the budgeted amount the board may need to provide notice to the owners according to the regulations.
- Notice of chargebacks – the condominium must provide notice to the owner when adding amounts to the owner’s ledger.
With all of the extra work and mandatory licensing requirements, I would not be surprised if management fees increase sharply in the next few years.