The Condominium Administration and Administration certificate program is obtainable in partnership with the Association of Condominium Managers of Ontario (ACMO). Within the event any person shall acquire or be entitled to the issuance of a tax deed conveying the curiosity of any unit proprietor, the curiosity so acquired shall be subject to all of the provisions of this Act and to the phrases, provisions, covenants, conditions and limitations contained within the declaration, the plat, the bylaws or any deed affecting such interest then in power.
For purposes of this subparagraph, the term fair market worth” means the worth of a unit that a seller is keen to accept and a purchaser is keen to pay on the open market in an arms-length transaction based on comparable models sold in different condominiums, together with models offered in bulk purchases but excluding items offered at wholesale or distressed costs.
Prior to instituting such motion, the cooperative or condominium unit house owners must, by way of a vote of not lower than two-thirds of the owners of the units aside from units owned by the developer or an affiliate of the developer, agree to enter into negotiation with the lessor and should seek by means of such negotiation to eliminate or modify any lease phrases that are alleged to be unconscionable; if an agreement isn’t reached in ninety days from the date on which the authorizing vote was taken, the unit house owners could authorize an action after following the process specified in the preceding sentence.
6. For reasonable assessments to fulfill licensed expenditures of any administration body, and for a reasonable method for discover and levy thereof, every condominium to be assessed separately for its share of such expense in proportion (until in any other case supplied) to its owner’s fractional interest in any common areas, and for the subordination of the liens securing such assessments to different liens either usually or specifically described.
13. (1) Not lower than 30 days before the presentation for registration of the declaration and description, the proprietor shall notify in writing the holder of an encumbrance over the property of his or her intention to current the declaration and description for registration and ship to the holder on the time of notification a replica of the declaration and outline.