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VCI (Value to Cost)
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Condo Management Companies Market Presence & Condo Price/Const Categories
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Property management companies
Property management companies ensure that condo corporations are meeting their responsibilities to manage the building and provide for tenant needs. The property manager will be responsible for day-to-day operations, which include:
Outlook “The board of directors has hired a new agent in charge; he or she must take over all aspects related with managing this complex.”
A property manager manages all the finances of a company, including decisions on how much to save and invest.
In charge: property manager/service contractors hiring & firing, Board meetings oversee administration owner’s meeting issuing appropriate notice whenever necessary for repair work being done determining which capital assets need replacing preparing financial reports
Requirements to provide management services
On November 1, 2017, the Condominium Management Regulatory Authority of Ontario (CMRAO) became responsible for administering new condo management services act in an effort to keep managers and companies fair. As such they set out standards which are as follows:
-A manager must be certified by CMRA before providing any advice or service related directly with condos.
-It’s also important that you check whether your prospective agent is registered/licensed with either FS&I Insurance Bureau Inc., Business Licence etc.
Licensed condo managers are required to comply with following rules and obligations. Depending on the type of license they hold, these include:
- Not being employed by more than one management firm at any given time unless all employers have consented in writing.
- Providing updated information about themselves (including their criminal record), upon request from other agencies or individuals dealing directly with them as well as those providing services related thereto such as attorneys who may require it when offering representation within buildings containing multi-family units that involve complex legal issues.
- General Licence or Transitional General Licence holders must not be directly employed by more than three condominiums.
- Condo managers must carry their most recently issued Certificate of Licence when providing condo management services and produce it for inspection on the request of any person.
- All condo management firms and managers must maintain an Ontario address
- Licensed condo managers must have a written contract to provide management services to a client. The license holder must not provide services except in accordance with the contract.
- A licensee, or any person acting for the licensee, can’t solicit an instrument appointing a proxy for a meeting if the subject matter of the meeting includes:
- any matter directly related to the licensee
- any matter directly related to the removal of the election or one or more of the directors of the client.
- If the condo management service contract is terminated, the licensed manager must transfer to the condo corporation, all records and documents relating to the condominium.
- Licensees must not falsify information, or assist, induce or counsel another person to falsify information related to the licensee’s provision of condo management services.
- Condo manages must not counsel, advise or knowingly assist a person to break the law.
- Conflict of Interest. Condo managers must disclose to condo corporation any material interest they have in a contract that will provide services to the condo and obtain the written approval of the condo corporation before entering into the contract.
- Records: Condo managers have the following obligations to the condo corporation in handling their records:
- keep records for at least six years
- make and retain copies for contract purposes
- transfer records at termination of contract
- keep records secure
- not use or disclose records unless necessary under the law
- obtain prior approval from the Registrar to store condo management records in their home
- All condo managers are expected to keep their profile information up-to-date with the CMRAO, including address, email, phone number and legal name.