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chronicling your first year of Toronto condominium ownership is from interim Occupancy and now
we will move to the turn over meeting where you all elect your new Board of Directors
for the building.
The Board of Director is 3 or 5, an odd number of people so there is always a vote for quorum,
a minimum of 3 of them to show up for a meeting, with the management company and there is a
person who records all the minutes of the meetings.
You are made aware of any deals the builder has within the building; and you are aware
of how many units remain unsold, and what responsibilities you have. You have elected
your Board and they probably have their first meeting in about 30 or 45 days and set a schedule
for the balance of the year.
You have now to deal with the Performance Audit, hiring a corporate lawyer, getting
an insurance appraisal for your building, get an appraisal done for the property, making
sure all the liens have been cleared, and installing all of the warranty service items
for your elevators, hot water tanks, generators, making sure everything runs. Most people would
like to have their windows washed, carpets cleaned, and have their furnace filter changed
cleaned and inspected annually.
All of these things are made in consideration of your annual budget. Most builders woefully
neglect the Budget by installing a 10 % minimum contribution to reserve. Going back to point
One, The Performance Audit is did you buy and get what you bought and paid for in your
Condominium Agreement of Purchase and Sale. This Performance Audit will include a follow
up RESERVE FUND STUDY that allows you to make your TARION claim within the first 12 month
period and then a follow up or adjusted claim within the next 12 months to make sure your
builder warranties all teh items found to be defective in the building.