| |
|
By-Laws, Declaration |
| |
By-Laws
The By-Laws govern how the Association operates and contain the information needed to run the Association as a business. For example, the By-Laws cover matters such as:
- How often the Association holds meetings
- How the meetings are conducted
- The duties of the various offices of the Board of Managers
- How many people are on the Board, and membership voting rights
- Responsibilities of Owners and the Association
Declaration
A Condominium Declaration, also sometimes known as Master Deed, is a fundamental document that establishes the existence of and further governs the use and maintenance of a condominium property. It is regulated by the Condominium Act and it includes legal descriptions of the condominium and of each individual unit, the nature and scope of the development project (when applicable), and several provisions regarding the use of the condominium units and common areas.
It is important to be able to have an insight into the provisions making up the Condominium By-Laws and Declaration before buying a property in order to make the most informed purchase decision.
|
|
