Highlights of the new MB Condominium Act
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It’s been a while since Manitoba introduced new regulations on February 1, 2015.
The new act includes major changes in the development, buying and selling, ownership and operation of condominiums. The changes will apply to all condominium developments in the province – large and small, new and existing.
As your property manager, Schinkel Properties strives to familiarize with the regulations and works to ensure compliance with the Condominium Act.
Here are a few highlights:
- Reserve Fund Studies: The Condo Act requires that the reserve fund studies must be updated every five years. The study must be conducted by a qualified person. The Corporation determines the total contribution to the reserve fund.
- Fines: Condominiums Corporations can fine unit owners for breaches of the corporation’s by-laws up to $100 per infraction. The maximum frequency is once per week and the maximum duration can be 12 occurrences in a 12-month period.
- Leasing Levies: If permitted by the Declaration, a Condominium Corporation may impose a leasing levy on a unit owner who rents their unit. The amount of the levy must be specified in the By-Laws and cannot exceed $1,500.00.
- Sale of units – cooling-off period: The cooling-off period, or buyer’s cancellation rights, is the period that starts when the agreement is entered into and ends at midnight on the seventh (7th) day after the later of the day the agreement is entered into and the day the seller has complied with his disclosure requirement. The cooling-off period allows the buyer to cancel the agreement for any reason before the end of this period.
- Liens: The new act will give greater priority to the lien which must be registered within 3 months of default at Land Titles. This lien goes against the unit and interest in the common elements. Once registered, current accruing common expenses are also covered.
- Audits/Reviews: Unless exempted, all condominium corporations must have audited financial statements. Auditors are appointed annually by the owners at the AGM and must be independent from the condominium corporation.
To learn more, read the full article here: