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Condominum Terminology

Board of Directors:
Those individuals that are elected at the Annual General Meeting of the Owners of the Corporationg to operate and manage the Condominium Corporation on the owners' behalf. Under our bylaws and the Condominium Property Act the Board must consist of no less than three (3) and no more than seven (7) owners, spouses of owners or representatives of mortgagees.   
By-laws:
The Contract you agreed to when you purchased your home. It governs the operations of the corporation and sets out the duties and responsibilities of the unit owners, the corporation and the Board of Directors with respect to the maintenance and administration of the corporation. The by-laws also include the rules of conduct that you are legally bound to observe.
Cavet:
A legal notice that is registered at Land Titles against the title of a unit that indicates a legal charge upon that unit. Often used as a method to protect the Corporation's right to overdue condominum fees.
Common Property
All the remainder of the property that does not form part of any unit. It includes the roof, siding, grounds, parking lot, roadways and decks.
 
Condominium Fees
The montly contribution made by each owner to finance the administration, accounting, maintenance and operations of the corporation. The montly condominium fee for a unit is determined by the unit factor that is registered on the Condominum Plan for our condominum. Your unit factor is the number that represents your proportinate share of the total shares of the corporation.
 Condominium Plan
The Survey Plan that was registered under the Condominium Property Act of Alberta at Land Titles. It defines the unit boundaries and the property of the corporation.
Condominum Property Act
The govering statue for Condominium in Alberta. 2000 Condominium Act
Exclusive Use Areas:
The Board has the authority to grant exclusive use of the common property to any owner. For example, a deck or parking stall. Owners are responsbile for maintenance of any exclusive use areas that they have been granted.
Reserve Fund
That portion of the annual budget that is set aside by the Corporation for the repair and the replacement of the common property, portions of the units and the Corporation's property that are not repaired or replaced annually.
Unit
The premise owned by you. The unit your own as an entity is from the exterior of the drywall surrounding your unit. Anything inside this configuration is your private property and your responsbility.