Condominium ownership is a complex transaction that involves more due diligence than single family ownership. However, condominium documents are often unavailable when units change hands, leaving buyers and sellers to make decisions related to a purchase or sale of a unit without necessarily having complete information. Even when condominium documents are provided, they are often outdated, incorrect and/or incomplete, leaving both consumers and Alberta REALTORS® vulnerable to liability.Condominium documents are also often extremely costly and difficult to access. While the current legislation prescribes certain actions, it does not provide for policing of those requirements, nor is there an effective remedy to encourage compliance.Bill 9, the Condominium Property Amendment Act, which passed in December 2014 and is now awaiting proclamation, provides a strong framework to resolve many issues. Others can be solved through the Act's supporting regulations. Alberta REALTORS® want to ensure governments have the information and facts they need to develop and implement responsible condominium regulations that protect consumers and remove barriers to condominium ownership.
Alberta REALTORS® believe the Condominium Property Act and supporting regulations should provide consumers:
AREA and our members appreciated the opportunities provided to date to consult with Service Alberta, and welcome further opportunity to work proactively and cooperatively with the provincial government and other stakeholders to address these issues in a manner that protects the public's interests.AREA Advocacy participated in a consultation meeting with Service Alberta in May 2015 in regards to the Condominium Property Act regulations. Specifically, AREA was listed as a stakeholder on the following topics:
Following this meeting, AREA made a formal submission to Service Alberta, and has continued its conversation with government on the issue. AREA expects to engage in further consultation with government in early 2017.
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