Sunreal Property Management Blog

Condominium Terminology Part I

Condominium Terminology

Part I

Annual Budget:

Although it is not legislated, conscientious development of an annual budget is an important duty (normally required by bylaw) of a condominium board. It’s the basis upon which contributions are levied and funds are collected for the control, maintenance and repair of the common property and the administration of the condominium corporation.

Annual General Meeting (AGM):

Once a year, a condominium board is required to convene an Annual General Meeting of unit owners. At the meeting, the retiring board provides owners with operational financial reports for the year past. Owners then elect a new board and deal with any unfinished new business, including (if required) appointment of auditors.

Bare Land Condominium:

In an ordinary condominium, both the master lot and the walls and roof of buildings are common property. Today many townhouse and villa projects are developed as bare land condominiums in which structures are entirely privately owned, and only the land is held as a condominium.

Board of Managers (directors):

In Alberta, a corporation’s executive is called a board of managers (with proposed revisions, directors). The Condominium Property Act’s initial Appendix I bylaws, although replaceable, stipulate a board of no fewer than three people (except where there are only one or two owners), and not more than seven managers.

Bylaws:

These are a set of rules and procedures for the administration of the condominium corporation and the management and conservation of the common property. An initial set is provided by statute. However, conscientious developers will provide an appropriate site-specific set. Considered a contract between unit owners, bylaws may be amended by a special (75 percent) majority.  

Caveat:

If a unit owner fails to pay regular condo fees or special assessments, the condo corporation can file a caveat against the title to the unit. The charge gives the condominium corporation the same foreclosure enforcement rights as a mortgage.

Condominium Corporation:

When a plan is deposited with a land titles office, and administrative body is automatically created. Membership in the condominium corporation is made up the owners of the individual units. Its purpose is the management of the affairs of the condominium in the best interests of all owners.

Condominium Property:

Every part of a condominium plan that is not a unit is common property. The condominium common property supports and services the individual units and its ownership is proportionately distributed amongst unit owners in accordance with unit factors.

Condominium Property Act:

This is the name of the Alberta statute that defines directs and regulates condominium ownership. Since provinces have jurisdiction over land titles each jurisdiction has its own condominium legislation. Fundamental concepts are essentially identical. From one province to the next, however, administrative technicalities may vary significantly.

Condominium Unit:

Units are those parts of a condominium master lot that are designated for the private, and exclusive use of individual owners. These “volumetric spaces” whether structure-defined compartments of air (as in the case of apartments and traditional townhouses), or columns of air (as in bare-land projects) are defined by boundaries shown on the condominium plan.

 

Conversations

In a conversation, are you a leader or a follower?

Leaders of a conversation tend to speak more than the other party. These people are generally problem-solvers and may speak as much as 94% of the time. Leaders attempt to “sell” their ideas to the other party, thereby persuading the change of the other party’s position. This can be an unfair and inappropriate method of gathering support for a particular position.

Is the leader of a conversation noticeably more of a conversationalist? Is the recipient of the leader’s ideas failing to speak as a matter of courtesy, lack of debate, or neither?

Personalities are a determining factor as to who will lead a conversation. Individuals with strong personalities will gain momentum in the perpetuation of their idea and will often persuade other parties to adopt their position more often than may be desirable.

A practiced conversationalist understands various personalities. Participation in the exchange of ideas is encouraged by this type of conversationalist to gather information prior to the decision-making process.

All participants must gain the skill of listening first, and sequentially providing an opinion on the subject. A lack of good exchange of ideas will make room for misunderstanding and disagreement, often resulting in a poor decision.

When speaking, speak slowly and provide pauses for other participants’ questions.

Always:
1. Ask open-ended question; if clarification is required, paraphrase the idea.
2. Ask questions that probe into other participants’ statements.
3. Stay involved, do not wander from a conversation.
4. Be genuinely interested in other ideas.
5. Do not be offensive or short-sighted when varying ideas are being presented.
6. Be respectful of all parties.
7. Acknowledge that the best ideas are often derived from the brainstorming of all participants.
8. Be fair.

 

Ethical Standards

Instilling Ethical Standards for your Corporation Board of Directors

Developing an ethical culture for your Corporation is a challenging exercise and requires a commitment from both the Board of Directors and the management company.
In order to develop an ethical culture, solid leadership is required and the outcome must be measureable. What methods are available to the Corporation to accomplish this task? The methods that are chosen to communicate with owners will define expectations of the Corporation.

   

Commitment to Excellence

“Committed to Excellence” 

Wow, time is passing quickly. It is hard to believe that we are into the fall of 2009 and looking at 2010.  Time flies so take time to “stop and smell the roses”.
This year has been full of challenges and mostly different from past years.  There are success stories from the past and numerous successes already this year.  Sunreal Property Management Ltd has been there to swiftly respond to the any challenges our Boards face.  Our staff has been tireless in their efforts to ensure that the challenges are met and a great result has occurred.  We recently teamed up with Wade Engineering to support and run another educational seminar with the topic of “building envelope” as our main item of presentation.  The seminar was a success; all attendees learned what to look for and how to respond.

Read more: Commitment to Excellence

 

Board Team Values

Board Team Values
 
Everyone wants to be part of a winning team.  How we function as a team determines our level of success.  These team values will be a reminder to each of us that we are working together to build a great community here at ______________.  The comment of Alex Haley, author of Roots will encourage us in our team venture: “If you see a turtle on a fence post, you know he had some help.”  Together we can build a great community.

Read more: Board Team Values

   

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Sunreal Property Management in Red Deer, Alberta

Our office is located in the heart of downtown Red Deer on 49 Street between 49 Avenue and 51 Avenue.

Parking:

  • There is meter parking available on 49 Street. Meters are not in affect after 5 PM.
  • There is also evening parking available in the Century parking lot (located just inside the alleyway). During the day this lot is available to monthly pass holders only.
  • As well, public parking is available on the north side of 49 Street beside the old Landmark (Uptown Cinema) theatre.

Testimonials

  • "Being a board member on the board of the Whispering Pines Phase 1and 2 condo resort, I would like to express my appreciation at this time for the professionalism and very capable management team of Sunreal Property Management;  their continued service to the board in exercising their duties in management and oversight of the administrative and legal complexities in the recent months. I am pleased to be a board member while we work together to make this place a more enjoyable resort in the days to come."

    -Michael Reid

  • "We have been very happy with Mike and Sunreal managing our property at Red Deer Medical Center. They have always been responsive to our requests and stayed ahead of the maintenance issues. When problems arise, they are presented to us with a concise list of options making our decisions much easier."

    - Dr. Lance Bredo

  • "In the short period of time that Sunreal Property Management has handled the business of Fairway Estates Condominium Corporation, the Board of Directors has never been less than impressed with the quality of service delivered.  Management and staff are knowledgeable, professional, tactful, diplomatic, personable and always available.  Their problem solving skills and recommendations reflect their collective experience and are to the point, effective, efficient and appropriate.  The Sunreal team is proactive and solution-based, the type of a property manager that no condominium can afford not to have on the payroll.  There has never been an issue too small or too large for their attention.  This is not just one persons opinion; many individual Unit owners in Fairway Estates have commented very favourably on our operation since Sunreal was recruited as Property Manager.  Collectively, we look forward to many more years of a very satisfactory business relationship."

    - Gordon G. Graham
    Secretary, Fairway Estates Condominium Corporation

  • "It has been my pleasure to work with Sunreal Property Management Team over the past 3 years in my capacity as a board member. They know how to put first things first. They have a sense of urgency when there are matters that require an immediate response. The team is timely, professional and all tasks are undertaken cheerfully. JoAnne , in particular, treats all matters pertaining to our residential condo corporation as if it were her own home. To her it is not simply a piece of Real Estate. To her it is someone's home as well and her attitude is very clear in all matters she deals with for our condo corporation. The business at hand for our condo corporation is always taken care of under her watchful eye, but she carries out her responsibilities to us with a lot of heart as well!"

    -Cheryl Hansen

  • "We have been very pleased with Sunreal managing our properties. They are a very professional team and are always looking out for our best interest. They are prompt and to the point in dealing with issues. I would highly reccomend them to anyone needing property management."

    -Ron & Bonnie Morrisroe