馃攳
Role of a condo board: What they do and how they impact new condo owners - YouTube
Channel: Homebuyer's School
[0]
Ever wonder what a condo board does?
Do they set the fees? Should you join?
[5]
How do you join? In this video, I look at
the roles and the function of the condo
[10]
board so you'll know how they'll affect
your next condo purchase.
[14]
Welcome to Homebuyer's School, brought
[16]
to you by Brookfield Residential.
[20]
So before we begin, if this is your first
[22]
time on this channel and you want to get
[24]
the latest strategies, tactics, and tips on
[26]
homebuying, click the subscribe button
[28]
below, hit the little bell so you
don't miss anything.
[33]
Hi everyone, welcome to another edition
to Homebuyer's School. Today I'm joined
[36]
by Karen MacDonald, community manager
[38]
with Brookfield Residential. And today the
[39]
question we're gonna answer is:
[41]
"What's the role of a condo board?" So Karen,
[44]
we hear about the condo board, so what
exactly does - what does it do?
[49]
Well, the condo board is meant to be a
[52]
voice for all of the homeowners. So when
[54]
a condo board comes together, a number
[58]
of board members are elected by the
homeowners to be the representatives as
[63]
the collective. So they are there to ensure
and enforce bylaws, maintenance of the
[70]
common property, to ensure that
everything still is maintained and value of
[75]
property is - is always there for
all the homeowners.
[79]
So how do you get on this board? Do you
[81]
just put your name in the hat and say, "I
[83]
want to be on the board" and they kind of
[85]
have a special election? And then
that's pretty much it?
[87]
That's essentially it. Um, a
homeowner's board when they first
[90]
convene for a new development, it would
be somebody electing them or
[97]
nominating them as - to be a board
[99]
member and then it would be voted upon.
[102]
You have voting shares within - within all
homeowners, that unit factor share goes
[108]
towards their voting shares. So everybody
as a collective would determine who is
[114]
going to be a part of that board. On a go
[116]
forward basis, it is a yearly position so it
[119]
can be - it can happen if you want to be a
[121]
part of your board then next year, make
[124]
sure that you put yourself forward for it.
Um, so is there a - you know - President,
[130]
Vice President, and the same kind of rule
as, like, a separate committee?
[135]
There is, there would be kind of a chair of
[138]
the board that would be - kind of - being
[140]
the director of all of the meetings and
[143]
ensuring that the meetings happen on a
[146]
regular basis, that any kind of issues are
are brought up and taken care of.
[151]
What happens if you're one of the
[153]
homeowners that disagrees with the
[155]
decision that a condo board does? Is
[157]
there some sort of appeal process? Is
[159]
there some sort of a way that, you know,
[160]
that maybe "the majority can't suppress
the minority" kind of issue?
[164]
Well it is a "majority rules" kind of situation,
you can always put forward any kind of -
[169]
any kind of grievances or complaints or any
concerns that you may have to the board
[176]
and bring it up at meetings, of course,
you have a voice. That's what the
[180]
homeowner's board is meant to hear. But it
would be any kind of changes that would
[186]
happen, would have to be a majority rules
kind of situation. If any changes would
[191]
have to have a 75% agreement
[194]
between homeowners. 75% have to agree
[196]
have to agree to change any kind of
[197]
bylaws or make any big changes, but the
[200]
benefit to that as well too, is that you
need to have the majority rules in that
[204]
so you don't have - you know - one offs
where people are making kind of crazy
[210]
changes just on their own
personal opinions.
[214]
Do you have to pay a fee to
[216]
keep the board active? Like is it part of
[220]
a - like - so is your condo fees going
[222]
towards the management of the board?
No, no, homeowners it is - it's a volunteer
[226]
thing, right, that's what being a
responsible homeowner if you want to be
[230]
part of that board, you can choose to be
a part of the board, you do dedicate some
[234]
of your time and your effort to - to that.
There is some work involved in it but a
[240]
lot of people want to - want to have that
voice, want to be a part of that are
[244]
willing to put that additional work into
it. But no, the homeowners board that - the
[249]
board members themselves do not get
paid, management fees are made directly
[254]
to the management company for their
services they provide.
[257]
And how much influence does the board
[260]
actually have on the management company?
[263]
They have ultimate decisions over the
management company because the
[268]
homeowners as a collective can decide
who the employ to manage their
[273]
development and they have ultimately the
decision whether they continue on with
[279]
the one that was originally set forward,
or they go in a different direction and
[283]
employ a different management company.
[285]
So homeowners have all of the
[288]
decision-making power in that process.
so it isn't just - say the management company
[293]
essentially does whatever they want and
sort of the board is sort of this kind
[297]
of advisory group. It's actually the
management company kind of reports to.
[300]
It's absolutely that, it's the opposite of
what people may think homeowners have
[305]
the ultimate choice in who they employ.
[307]
Perfect, thank you very much Karen, thank
[310]
you very much for joining us and we'll
catch you next time.
[313]
That's another edition of Homebuyer's School.
[316]
Tune in next time for more expert tips and
[318]
tricks and visit www.homebuyersschool.ca
[321]
to bring you one step closer to finding
[324]
your dream home. As with everything,
[326]
it would be great if you like and share our
[329]
videos. Also, please let us know if you have any
[332]
homebuying questions you want us to answer.
Most Recent Videos:
You can go back to the homepage right here: Homepage