In the same way it takes a village to raise a child, it takes a group of conscientious condo owners to keep the building and property in good working order and the ensure rules are followed and enforced, for the benefit of all of the residents.
A condo board must have at least three elected members to serve as directors for up to three years. Any condo owner in the building can stand for election, as long as they are at least 18 years of age and not in a state of bankruptcy.
The board is primarily tasked with taking care of immediate and future repairs, ensuring there are enough funds to cover those costs now and into the future.
The condo’s board of directors also must:
Appoint an auditor who makes sure the finances are soundly managed.
Organize an annual meeting of the condominium unit owners to present the work overseen by the board over the past year, showing how their fees have been spent, saved, and managed. They must also present the plans for the year(s) ahead, as well as any other issues the condo owners bring to the table.
Conduct condo owner meetings throughout the year as needed to address complaints, concerns and suggestions.
Pass bylaws dealing with the responsibilities and powers of the board, and abide by the Condominium Act.
Pass rules to promote the safety, security and welfare of the owners.
The directors of the board may vote to hire a property manager (or a property management business) to oversee the day-to-day operations such as:
Responding to owner complaints
Maintaining common elements
Hiring and monitoring service companies.
Keep operating records
Becoming a condo board director is a big responsibility and a huge commitment, so be sure you have the time and expertise to serve your fellow condo neighbours. Ask your realtor to help you understand your condo bylaws and to help you decide if joining the board once you’ve moved in is right for you.