Condo Corporation

A condo corporation is formed when a developer registers the condominium with the relevant government authority, typically at the time of the condominium's creation. All unit owners automatically become members of the condo corporation. Their ownership percentage usually corresponds to the size or value of their unit.

The condo corporation is responsible for maintaining and repairing the common areas, enforcing the rules and regulations (often called bylaws), and managing the financial aspects of the condominium, including the collection of monthly maintenance fees from unit owners. The condo corporation sets bylaws and rules that govern how the condominium is used and managed. These can include rules about noise, pets, renovations, and the use of common areas.

The condo corporation typically maintains an operating fund for operating the condo and a reserve fund, which is a savings account used for major repairs and replacements of common elements, like the roof, elevators, or HVAC systems.