ByLaws - What You Need to Know
In Alberta, when a new condo is registered, they automatically adopt the standard bylaws set forth by the Condominium Property Act. This binds the board and it's members along with the property owners to follow rules in the complex.
- Voting Rights for owners electing the Board of Directors
- How often board and Annual General Meetings are held
- What the condo association is responsible for
- What owners can and cannot do - like hanging laundry on balconies, to pets and noise
- Much much more...
The more information you know, the better you will understand how condominium associations are run. You will also understand your rights and obligations of an owner.
Though insanely boring, I highly recommend you review the Condominium Property Act. If you skip down to Appendix I, you will find the standard bylaws.
ByLaws and The Offer to Purchase
By having reviewed the bylaws in the Condominium Act, you will be further ahead than 90% of other condo home buyers - giving you an educational advantage - knowing what to expect. It will also be easier to identify changes to the bylaws that were made after the condo association was registered.
The Latest Version of ByLaws
When you have a conditional offer in place and the listing Realtor® provides us with a copy of the current bylaws, there will be a header page with a registration number that coincides with the registered Condominium Plan Sheet. If the bylaws come without this, you may not have the most current set.
It is imperative you have the most recent copies to ensure there are no changes that can affect your decision on making the purchase.