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Condominium Corporation vs. Home Owners Association – What Are The Issues?

Author: 
David Cumming
Publication date:
March 1, 2023
Article Summary: 

The Seascape Condominium Corporation in Conception Bay South (CBS) transitioned to a Home Owners Association (HOA) due to insufficient funds in their Reserve Fund. All owners consented to withdraw from the Condo Act, and an HOA Agreement was established, reducing overall monthly costs. The HOA maintains a Board of Directors and shares responsibilities for common elements with monthly fees. However, HOAs lack certain consumer protection features found in the Condo Act, making transparency and financial reporting different in HOAs. The Seascape owners are currently satisfied with the HOA arrangement, and CCI-NL will continue to monitor its success.

Keywords: 

Seascape Condominium Corporation, Home Owners Association (HOA), Conception Bay South (CBS), Reserve Fund, Condo Act, withdrawal, Board of Directors, common elements, monthly fees, consumer protection, transparency, financial reporting, CCI-NL.




Source Citation: 
David Cumming
Condominium Corporation vs. Home Owners Association – What Are The Issues?
March 1, 2023
https://www.cci.ca/resource-centre/view/1504?words=&filter=all
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