I Bought a Condo - What do I do now?

Congratulations — the purchase is complete and you officially own a condo! But before you start unpacking, there are a few things worth taking care of to make the transition into condominium living a little easier.

Introduce Yourself to Property Management

If your condominium corporation uses a property management company, make sure they have your current contact information and know that ownership of the unit has changed.

Depending on your condominium, you may also need to:

• Arrange payment of your monthly condominium fees

• Register for an owner's portal or communication system

• Book an elevator or schedule your move

• Pay a move-in deposit or fee, if applicable

• Register your vehicle or parking information

• Submit pet information or applications, if required

• Obtain information about keys, fobs and building access

• Provide emergency contact information

  
  

Every condominium operates a little differently, so ask management what they require from a new owner.

Read Your Bylaws — Yes, Really!

You may have reviewed the bylaws during your purchase, but now that you're an owner, they're worth another look.

The registered bylaws outline many of the rules and responsibilities that come with living in your condominium. They can affect everyday things such as pets, parking, renovations, rentals, smoking, noise, use of common property and maintenance responsibilities.

They may also help you understand what you're responsible for maintaining and what falls under the responsibility of the condominium corporation.

Before renovating, replacing windows or doors, installing air conditioning, changing flooring or making other significant alterations, check the bylaws and contact management or the Board to determine whether approval is required.

Make Sure You Have the Right Insurance

The condominium corporation's insurance does not replace your own personal condominium unit insurance.

Speak with your insurance provider and make sure they understand that you've purchased a condominium. Your coverage should reflect your individual circumstances and may need to address your personal belongings, improvements and betterments, personal liability and potential condominium corporation deductibles.

Keep your coverage current and review it when the corporation's insurance or deductibles change.

Know What's Included in Your Condo Fees

Find out exactly what your monthly condominium fees cover.

Depending on the property, they may include some utilities, insurance for the corporation, landscaping, snow removal, common-area maintenance, property management, amenities and contributions to the reserve fund.

Knowing what's included will also help you understand which expenses you'll need to budget for separately.

Keep an Eye on Corporation Communications

Don't ignore emails, notices and meeting packages from your condominium corporation.

Board communications can contain important information about upcoming repairs, maintenance, insurance, budgets, condominium fee changes and other matters that could affect you as an owner.

And when the Annual General Meeting (AGM) comes around, consider attending. It's an opportunity to hear what's happening within the corporation, ask questions, vote on matters brought before the owners and participate in the condominium community.

Renting Out Your Unit?

If you plan to rent your condominium, make sure you understand the requirements that apply before a tenant moves in.

The Condominium Property Act, Condominium Property Regulation and your corporation's registered bylaws may impose requirements relating to tenancies and information that must be provided to the corporation.

Your condominium may also have procedures for move-ins, building access, parking and other matters involving tenants.

Understand the Role of the Board

The Board of Directors is responsible for managing the affairs of the condominium corporation in accordance with Alberta's condominium legislation and the corporation's registered bylaws.

Some corporations hire a professional condominium management company to assist with day-to-day administration, financial matters, maintenance and owner communications.

The management company works on behalf of the condominium corporation under its management agreement — the Board remains responsible for governing the corporation.

Keep Your Condo Documents

Don't delete the documents you received when you purchased your condo.

Keep your bylaws, condominium plan, Reserve Fund Study, financial statements, meeting minutes and other important corporation documents somewhere accessible. You'll likely receive updated documents throughout your ownership, and keeping them organized can make things much easier when you eventually sell.

Get Involved

Condominium ownership is shared ownership.

You don't have to join the Board, but staying informed, attending meetings and understanding what's happening within your corporation can help you avoid surprises and give you a voice in your community.

You did the work to understand the condominium before you bought it — staying informed after you get the keys is just as important.