Interim Condominium Board Responsibilities & Transition

Responsibilities of an Interim Condominium Board

An interim condominium board is appointed after the condominium corporation is established but before unit owners assume control. Its primary responsibility is to oversee the transition from developer management to an elected condominium board.

Key Responsibilities of an Interim Condominium Board

1. Conducting Meetings & Elections:

   • Schedule the first annual general meeting (AGM) where owners will elect a permanent board.

   • Ensure proper notice of meetings is given to all unit owners.

     
     

2. Receiving and Reviewing Documents:

   • Collect financial records, bylaws, and reserve fund studies from the developer.

   • Verify that the turnover package complies with the Condominium Property Act (CPA).

     
     

3. Overseeing Financial Management:

   • Ensure all condominium contributions are properly collected.

   • Review initial budget estimates provided by the developer.

     
     

4. Confirming Developer Compliance:

   • Assess whether the developer has met its disclosure obligations.

   • Ensure that the reserve fund study is in place for future maintenance needs.

     
     

Legislative Reference: An interim board shall act in the best interests of the corporation and ensure the transition process is conducted in accordance with the regulations.

Apply Procedural Requirements to Verify Developer Turnover Documents

Developers are legally required to provide essential documents to the condominium corporation at the time of turnover. The interim board must confirm that these documents have been received and meet the legal requirements.

Required Developer Turnover Documents

Verification Process

1. Confirm Completeness:

   • Cross-check the documents received against the CPA’s required list of turnover documents.

2. Review Financials:

   • Ensure that financial statements are accurate and up to date.

   • Confirm that developer-held funds have been properly transferred to the condominium corporation.

3. Validate Reserve Fund Study:

   • Verify that the study meets legislative requirements.

   • Ensure initial reserve fund contributions are correctly allocated.

If any required documents are missing or incomplete, the interim board must formally request them from the developer in writing.

Analyze Developer Compliance with Statutory Obligations

Developers must comply with disclosure requirements and purchase protection measures outlined in the CPA. The interim board must assess whether these legal obligations have been met.

Key Areas of Developer Compliance

1. Disclosure Requirements:

   • The developer’s disclosure package must include:

     • The condominium plan, budget, and unit factors.

     • A summary of warranties and purchase protection measures.

     • Any existing service contracts affecting unit owners.

       
       

2. Purchase Protection Measures:

   • Verify that buyer deposits were held in trust.

   • Confirm that the development is registered under a new home warranty program (if applicable).

Compliance Assessment Checklist

If non-compliance is identified, the board may seek legal advice or regulatory intervention to ensure compliance.