If you have been around for a while and seen any of our other Key to Management Blogs, you will see the Condominium Property Act and the Condominium Property Regulation are mentioned very frequently. That is because these two pieces of legislation formulate the foundation for everything to do with the development, ownership, and management of all condominium properties in Alberta. What are these two acts, and how do they affect me? We’re glad you asked!
Condominium Property Act
The Condominium Property Act was passed in the Alberta Legislature on August 1st, 1966. It has since been amended in 2020 and it contains the guidelines on how condominiums can be sold, it gives buyers the rights for disclosures, contains reserve fund requirements, specifies mandatory obligations and much more. The purpose being that it forms a foundational legal basis and guidelines by which all condominiums must function. This protects all parties involved in developing, investing, renting, directing, and managing the condominium corporation. It also clearly lays out liabilities, obligations, expectations, and legal requirements between board members, owners, and tenants. We highly recommend that all owners, directors, and tenants be well versed in the sections of the Condominium Property Act that directly affect them so that they know what is expected of them, and as importantly, what they should expect from their condominium corporation.
Condominium Property Regulation
Much like the Condominium Property Act, the Condominium Property Regulation serves as a legislative foundation to the function, responsibilities, and requirements of condominium corporations. Acts such as these are extremely important as they protects owners, sets standards, and clearly distinguish responsibilities to ensure that everyone is on the same page and understands where they stand legally. We also recommend that all parties that are involved with condominium corporations carefully review and evaluate the Condominium Property Regulation.