(like a constitution), by-laws, rules & regulations, (e.g., whether pets or smoking are permitted) reserve fund, insurance, management contract and any legal issues that the condo corporation may be involved in. In the case of new builds, a board has yet to be determined and condo fees have not yet been established. Responsibilities Research and understand common areas, condo fees and who is responsible for what. For example, if a window in your unit begins to fail (leaks, condensation between glass), is it the responsibility of the condo owner to fix? If other units experience similar issues, and the condo corporation is required to pay for them to be repaired, will this impact the reserve fund and the monthly condo fee? Brenda Maxwell & Larry Smith Jan.10th WRAMA meeting.
compliant by using Rentcheck’s “Schedule A”. It was designed by legal experts to cover all screening and background checks for the duration of a tenancy. Did you know that current privacy legislation allows a landlord to report debt owing, without permission? This includes rent, utilities and court-ordered payments such as child support.
Legislation Familiarize yourself with changing legislation in Ontario and the establishment of the Condominium Authority of Ontario (government trying to improve condo living in Ontario) and the Condominium Authority Tribunal.
Property management Connect with a property management company that can serve you and your investment by providing expertise and experience with managing tenants and their home. Local media speaks with WRAMA president Association membership With a surge in condo development in the Find support and information for best practice Waterloo Region, local news outlets looked to by joining WRAMA. Understanding your WRAMA for perspective from rental housing obligations as a rental housing provider goes providers. Please visit www.wrama.com to read beyond collecting rental payments. WRAMA’s the full Kitchener Record article by Greg Mercer, mission is to actively and positively develop “Landlord association urges caution on condos.” and sustain the integrity of its members’ Questions from the media regarding whether business – the provision of private residential condo ownership for rental purposes is a wise rental accommodation – in the Golden Triangle. investment decision, management issues that Membership information can be found at accompany ownership and the builder/purchaser www.wrama.com. relationship were central to the conversation. When asked by CTV Kitchener’s Maleeha Sheikh where condo investments were seeing positive returns, Macallum replied, “Rental housing providers who are engaged and accessible to their tenants, are the rental housing providers who are seeing success.” With this in mind, WRAMA president Andrew Macallum offers the top five things to understand when considering purchasing a condo as a rental property in Ontario. Legalities Understand the impact of the information contained in the condominium status certificate. It will contain details about the declaration
Jan.10th WRAMA meeting.
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