{"id":330,"date":"2013-10-23T13:38:56","date_gmt":"2013-10-23T13:38:56","guid":{"rendered":"https:\/\/auburnbaysetonhomes.com\/?page_id=330"},"modified":"2015-03-26T15:11:27","modified_gmt":"2015-03-26T15:11:27","slug":"ne-calgary-townhouses-for-sale-listings-education-and-more","status":"publish","type":"page","link":"https:\/\/auburnbaysetonhomes.com\/?page_id=330","title":{"rendered":"NE Calgary Townhouses for Sale | View all listings"},"content":{"rendered":"

Searching for Calgary Townhouses for Sale? \u00a0Here is a list of all current listings in NE Calgary <$500,000. Browse at your Leisure. If we can help by explaining the Purchase Process Please Drop us a note,<\/a> also if you do not find your dream home here, please let our team know we may be listing it soon. Click to link down to – Condominium Fees and Reserve Fund Explained<\/a><\/p>\n

[mrp account_id=129 listing_def=search-298581 context=recip]<\/p>\n

Looking for a condo a bit more Expensive ? Click here to view our Luxury Condo Website!<\/a><\/p>\n

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Thanks for Viewing NE Calgary Townhouses for Sale<\/p>\n

Real Estate Tips<\/h2>\n

Condominium Fees and Reserve Fund Explained<\/h3>\n

Condominium Fees<\/h4>\n

\"Fees<\/a>The condominium corporation needs money to meet its financial obligations \u2013 paying for insurance premiums, snow removal, grass cutting, repairs to common property, reserve fund, etc. The main source of income for the corporation is the money paid by the owners in their condominium contributions (often\u00a0referred to as a condominium fee) and Calgary townhouses for sale are no exception.
\nContributions are normally set annually and paid monthly, however the board can levy special assessments (one or more lump sums) if the corporation needs to raise extra funds to meet its obligations.<\/p>\n

The board sets contributions by taking into consideration the budgeted needs of the corporation and the unit factors (for each unit). Corporations can change the formula for allocating condominium\u00a0contributions, if the owners pass a special resolution to amend the bylaws.
\nMake sure you know how your condominium contributions are calculated. Be aware that condominium contributions can and do go up!<\/p>\n

\"Past<\/a>
\nA condominium corporation has the right to collect unpaid condominium contributions. The corporation can<\/p>\n

 <\/p>\n

 <\/p>\n

\u2022 ask the owner\u2019s mortgage company to pay the outstanding amounts and add it to the owner\u2019s mortgage
\n\u2022 require an owner\u2019s tenant to pay the monthly rent to the corporation to cover the unpaid condominium contributions
\n\u2022 file a caveat against the title to the unit at the owner\u2019s expense
\n\u2022 charge interest (up to 18% per year on outstanding amounts)
\n\u2022 sue the owner for all outstanding contributions, interest and its full legal fees; and
\n\u2022 foreclose on the title to the unit.<\/p>\n

VOTING RIGHTS<\/h4>\n

\"Voting<\/a>The board of directors, elected by the owners,\u00a0makes most of the decisions on the running of the\u00a0corporation. As an owner of a unit you have the right and obligation to vote. Your voting rights are determined by the Condominium Property Act, the bylaws of your condominium corporation and by the unit factor for your condominium unit in Calgary Townhouses .
\nAt most general meetings, votes are conducted by a show of hands. The bylaws clarify who has the right to vote if more than one person owns the unit.<\/p>\n

Bylaws permit owners to ask for poll votes at meetings. In a poll vote the person\u2019s share of the unit\u00a0factor assigned to the unit determines the weight of that owner\u2019s vote.
\nYou may exercise your right to vote personally or by proxy. If you have a mortgage, the first mortgagee may have the right to vote in your place if it gives the Corporation written notice of the mortgage.<\/p>\n

If you owe money to the corporation for 30 days or more on the day before a vote, you lose your right to\u00a0vote.
\nOwners can vote on matters presented at any general meeting and on bylaw changes, changes to the common property and other matters permitted under the Act, regulation and the bylaws. It is important that owners vote to elect the board of directors and to change the bylaws<\/p>\n

RESERVE FUNDS<\/h4>\n

\"Reserve<\/a>The Condominium Property Act requires that condominium corporations establish and maintain a capital replacement reserve fund to provide for major repairs and replacement of property and common property owned by the corporation. As buildings age they need to be repaired and maintained e.g. the roof of the complex needs to be replaced. The same is true of other parts of the common property such as the asphalt in the parking lot, underground utilities, or services and landscaping. Condominium owners must pay for the repair or replacement costs of the property owned by the corporation. The reserve fund is not used for repairs or replacements that are done annually.
\nCondominium corporations registered before September 1, 2000 must have completed a reserve fund study and a reserve fund plan by September 2002. Reserve fund studies must be conducted every\u00a0five years.<\/p>\n

Condominium corporations registered after September 1, 2000, have two years from the registration date to do a reserve fund study and approve a plan.
\nThe Act gives the board the responsibility and power to make decisions around the reserve fund. Although a responsible board will provide information to and obtain input from the owners, it need not consult the\u00a0owners before making decisions on the reserve fund. As in the case of Calgary townhouses.<\/p>\n

The board must<\/strong>
\n\u2022 engage a qualified person to conduct and prepare\u00a0a reserve fund study
\n\u2022 receive a reserve fund report from the qualified person
\n\u2022 prepare and adopt a reserve fund plan
\n\u2022 provide a copy of the approved reserve fund plan to the owners before implementing the plan
\n\u2022 maintain the reserve fund at an appropriate level so that the corporation can meet the statutory requirements
\n\u2022 maintain the reserve fund in a separate trust\u00a0bank account and not combine the funds with\u00a0other corporation funds except when bills are\u00a0paid under the reserve fund plan, and ensure all managers or other persons handling the corporation money do the same
\n\u2022 prepare and provide to the owners, before or at the time of giving notice of every annual general meeting, an annual report on the reserve fund; including the opening balance, money in and out, where the income came from, what money was spent during the year, and the list of property repaired or replaced and the costs incurred for the repair or replacement; and
\n\u2022 not use the reserve fund for \u201cimprovements\u201d unless the owners vote by special resolution to\u00a0allow it. Improvements are normally changes, enhancements, alterations or additions to the common property or property owned by the Corporation which are not listed in the reserve\u00a0fund study report.<\/p>\n

How much money should be in the reserve fund?\u00a0<\/strong><\/p>\n

Each condominium corporation will have a different\u00a0amount in its reserve fund. The corporation determines how much money it should have in its\u00a0reserve fund by completing a reserve fund study.\u00a0The reserve fund study is prepared for use by the\u00a0condominium board, owners and buyers. It is not\u00a0reviewed by the government.<\/p>\n

How is the reserve fund funded?<\/strong>
\nCorporations may meet their funding requirements by
\n\u2022 increasing condominium contributions \u00a0(permanently or for a set period)
\n\u2022 levying special assessments (immediately or in\u00a0the future)
\n\u2022 borrowing money
\n\u2022 using any combination of the above requirements.\"special<\/a><\/p>\n

This gives the corporation maximum flexibility as to\u00a0how and when to deal with repair and replacement costs, while at the same time enabling it to deal with any potential surprises and undue hardship for\u00a0owners.<\/p>\n

For example, if the corporation does not have enough\u00a0money in the reserve fund to cover significant repairs or incurs other large unexpected expenses, the board may require each condominium owner to pay a\u00a0special assessment to cover the costs.<\/p>\n

Thanks for looking at the listings for Calgary townhouses for sale<\/h4>\n","protected":false},"excerpt":{"rendered":"

Searching for Calgary Townhouses for Sale? \u00a0Here is a list of all current listings in NE Calgary <$500,000. Browse at your Leisure. If we can help by explaining the Purchase Process Please Drop us a<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"class_list":["post-330","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/pages\/330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=330"}],"version-history":[{"count":0,"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/pages\/330\/revisions"}],"wp:attachment":[{"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}