Heads up to all the condo buyers, sellers, owners, and developper out there because the provincial government has made changes to its legislation governing condos which came into force on June 16th, 2014.
A summary of these of these changes is posted on the Law Society of Saskatchewan's website (see News section and June 16th, 2014):
Here are some of the changes that the Law Society has highlighted:
The amendments can be categorized into four main themes: insurance, condominium conversions, dispute resolution and consumer protection.
- The amendments require condominium corporations to carry directors’ and officers’ liability insurance and insurance on bare land units developed as townhouses or other multi-family dwellings. Condominium developers will be required to prepare “standard unit descriptions” and corporations may pass bylaws to define a “standard unit description” in their development for insurance purposes.
- The amendments require a bond or letter of credit to be provided for every condominium development with units used for residential purposes and the Regulations will increase the amount of security required by the bond or letter of credit. Developers will be required to prepare reserve fund studies for all developments created by the conversion of apartments and buildings into residential units, turn over additional information to the corporation and disclose additional information to purchasers of new condominium units.
- The amendments allow the condominium corporation to seek compensation from a unit owner or tenant for damages caused by a contravention of the bylaws. A unit owner, tenant, mortgagee or other interested person may seek a court order requiring a condominium corporation or board to fulfill its duties under the Act and to recover damages if appropriate. The Act includes an oppression remedy for owners who believe they are being treated unfairly or oppressively by their condominium corporation.
- Condominium corporations will be required to file an annual return with the Corporate Registry starting April 1, 2015, have their financial statements audited annually with the ability to opt out in certain circumstances and have a reserve fund study completed every five years. The amendments will establish limitations on fees charged by the condominium corporation for interest rates, administration, service fees and the estoppel certificate, and establish some requirements around the renting of units for periods of less than one month.
Any policy questions should be directed to the Office of Public Registry Administration at 306-798-1079.
More information regarding changes to procedures in the Land Registry, Survey Directory or Corporate Registry may be found at www.isc.ca or by calling Information Services Corporation at 1-866-275-4721.