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Managing Your Condominium

The raison d’être of a condominium corporation is to manage the condominium property and assets on behalf of the condominium owners. That object is set out right in the Condominium Act.

There are some who believe that a condominium corporation should be run like a business, but in fact condominiums are very different from businesses. For one thing, businesses exist to sell, and they can reward their owners handsomely if they operate efficiently and maximize revenue. A business never knows where its next dollar is coming from, and that need to sell permeates every action that the business takes. A condominium corporation does not exist to sell anything, and it is not driven by the need for financial reward.

Condominium corporations have more in common with governments than businesses. Thanks to common expenses, condominiums enjoy a steady, and virtually guaranteed, stream of revenue. Much like taxes, unit owners have no choice but to pay. In fact, non-payment is secured by a special kind of lien that functions much like a tax lien (even though tax liens take priority). By far, the most important commonality between governments and condominium corporations is the need to act for the good of the voters. When a corporation loses sight of this ideal it can be mismanaged.

To help you manage your condominium, you need a lawyer who understands its nuances. And that is where GMA can help. Our condolawyers have extensive experience dealing with legal issues arising from the challenges of day-to-day condominium management.