05-23-2020, 09:00 AM
(This post was last modified: 05-23-2020, 09:01 AM by panamaniac.)
(05-22-2020, 11:55 PM)danbrotherston Wrote:(05-22-2020, 11:52 PM)panamaniac Wrote: You have accurately described how "my" HOA is set up. Everything is spelt out in the Reciprocal Agreement and that Agreement is an instrument registered against the title of each freehold dwelling in the development. In practice, it is similar to the "common elements condominium" describe by another poster, except that there is no condominum corporation.
Back to Strawberry Fields, has there been an indication of how it is to be structured? Are the townhouses freehold or will the whole development be a condominium corporation?
So what does the agreement do. If there is no corporation, how is the common element managed? Who makes decisions and how?
It is all provided for in the "Reciprocal Agreement", which is registered in perpetuity against the title of each property (i.e. in buying a property, you are bound by its terms). Like a condominium corp, we have a board, annual meeting, property manager etc, etc.. The Agreement sets out the powers of the board, defines the common elements, shared elements, and common expenses, etc, etc. It is actually a very complex (unique?) Agreement as it includes not only my development of freehold SFHs and townhouses, but also the neighbouring condominium corporation of stacked towns, and two old apartment buildings that are rented out but which are registered as a condo.