Condo maintenance fees in Toronto - ranking and performance Condominium — what is it? Condominium in Latin means "joint ownership": "condo" translates as "together", minium — "ownership". In many countries of the world, this definition of the term is valid. That is, a condominium is the joint ownership of a single real estate object, for example, an apartment building or single—family houses located on the same plot. Each participant of the condominium owns property — for example, an apartment in an apartment building, and at the same time participates in the management of common property. Condo maintenance fees in Toronto - ranking and performance condo-benchmarking.ca/condo-maintenance-fee-price-ranking-performance/ What are the functions of a condominium? The condominium must manage common property: for example, residential and non-residential common premises, adjacent territory, yard, utilities. It has three main functions: Control over companies providing services. The owners jointly control the activities of public utilities that supply warm and cold water, electricity, and gas. The condominium also controls companies that provide various household services — for example, provide garbage collection. Providing repair, maintenance of the house. The owners jointly decide which company to contact for current and major repairs, and also ensure proper care of the house territory and other objects. For example, they clean playgrounds, yards from garbage — they hold clean-up days or hire a janitor. Execution of works included in the approved plan. Every year, the condominium draws up a plan for the work to be carried out. Its third function is to ensure that the work is carried out according to the plan: for example, to create a square on a plot with single—family houses, to put another playground, to arrange parking spaces in accordance with the standards in the courtyard of an apartment building. In addition, the condominium must promptly respond to various force majeure circumstances, to residents' appeals, and also report on the funds spent.

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