Top 5 “To Dos” for Condo Boards given Changes to SK Condo Laws
Boards and Property Managers – the changes to the Condo Property Act and Regs have happened – what should you do?
(1) Call your Insurance Agent – The Act mandated a number of new insurance requirements. Most notably, the Act required that Directors and Officers insurance was mandatory, as is insurance for the structures in a townhouse or multi-residential development on bare land condos. While many condos would have the mandated insurance in place, some do not. You should make sure you comply with the Act.
(2) Gather info and Change Your Estoppel Form – The Regulations provide a new form of an Estoppel Certificate. This new form requires a lot of new information and this information should be gathered to meet the new disclosure requirements. Get the form, make the changes, and involve your property manager.
(3) Talk to your Lawyer – There is a lot of detail in the changes to the Act and Regulations that should be navigated with the assistance of a lawyer. Your specific condo may have some unique characteristics or problems that should implement a strategy specific to you. New areas where bylaws can be made, changes to the interest provisions, and new dispute resolution tools all may impact how you manage yourself. These changes in the legislation provide a great opportunity for your board to do a “legal tune up” and see if there are any governance changes that you should be making.
(4) Talk to your Accountant – Depending on the size of your Condominium, and the will of its owners, some form of financial assurance for your annual financial statements will be required. It is best that you get talking to your accountant sooner than later to minimize the costs associated with improper record keeping.
(5) Talk to your Owners – One of the effects of the legislative changes is that you will need to get two-thirds of all owners to agree to major changes that require special resolutions. Unlike the interpretation in the past that you required two thirds of those who attended the meeting in which these issues were raised, you will need to drive individual unit owner interest in condominium issues. This may require more opportunities to connect with the board and with each other or may require proxies or written endorsements of certain condo decisions. Start working on building that community now.
The Queen’s Printer website was not updated yet with the changes that were proposed, but until that occurs, the changes are found in the links below.
The Regulation changes are here:
http://www.lawsociety.sk.ca/media/87057/condoamendment2014.pdf
The Act changes are located here:
http://docs.legassembly.sk.ca/legdocs/Bills/27L2S/Bill27-57.pdf
If you want to reach me directly, my contact information is provided here:
