AGREEMENTS
Agreements between the corporation and the unit owners for either the lease of, or exclusive use of common or recreational property.

ANNUAL GENERAL MEETING
Generally referred to as the AGM. The meeting of the condominium corporation held once each fiscal year but not more than 15 months after the previous meeting.

ARREARS
The portion or portions of the condominium contributions which are due but unpaid.

AUDIT
The examination of the accounts and documents of the corporation to verify correctness.

AUDITOR
Licensed as a public accountant under the Public Accountancy Act appointed at the AGM or set by the bylaws.

BALANCE SHEET
A report showing the assets, liabilities and equity if the Corporation.

BARE LAND CONDOMINIUM
A condominium where the unit includes the physical land. A bare land condominium may or may not have a building on it. Buildings are considered improvements.

BOARD OF DIRECTORS
Elected representatives of the unit owners who assume the responsibility for the management of the property belonging to the corporation. Referred to as the Board, they are volunteers with the mandate to ensure the continued over all well being and viability of the corporation

BUDGET
A financial plan of the finances needed to maintain the corporation.

BY-LAWS
The written rules that govern the operation of the corporation adopted by the unit owners by special resolution. The accepted Bylaws are registered with Alberta Land Titles. Bylaws are registered legal documents that can only be changed or repealed by a special resolution at a meeting of the unit owners and with agreement of 75% of the unit owners representing 75% of the total unit factors.

CAPITAL REPLACEMENT RESERVE FUND
The fund set aside by the Corporation for the repair and replacement of the common property not replaced or repaired annually.

CAPITAL REPLACEMENT RESERVE FUND PLAN
Generally based on the reserve fund study and report, the Board approved budget and time line.

CAPITAL REPLACEMENT RESERVE FUND REPORT
The suggested budget and time plan for the replacement of the reserve components (common property).

CAPITAL REPLACEMENT RESERVE FUND STUDY
An inspection by a qualified person of the common property to determine the age of the components, their life expectancy, the replacement cost and the estimated funds required to meet the cost of the replacements. A new study is required every five years.

CAVEAT
A notice that an interested party (the Caveator) files with Alberta Land Titles claiming an interest in the property. Often it is used by the Condominium Corporation to protect the Corporations rights on any overdue condominium contributions as permitted by the Act.

COMMON EXPENSES
Those expenses incurred by the Corporation required to maintain the common property.

COMMON PROPERTY
The parts of the condominium property that are owned jointly by the unit owners. It is the joint ownership of common property that makes condominium ownership unique.

CONDITION DATE
(sometimes called the WAIVER DATE) The date that conditions on the proposed sale are removed. Conditions may include, financing, home inspections as well as a Condominium Document Review. Once the conditions are removed, the deposit is generally nonrefundable.

CONDOMINIUM
A specific type of property ownership. The owner owns a unit and a share of the common property,

CONDOMINIUM CONTRIBUTIONS
Expenses incurred by the Corporation the payment which are the shared responsibility of the unit owners. The portion owing is assessed according to the unit factor for the unit. These are sometimes referred to as “condo fees”.

CONDOMINIUM CORPORATION
The legal entity created on the registration of the plan with Land Titles. While the Corporation acts much like a nonprofit organization, it falls under the Condominium Property Act of Alberta.

CONDOMINIUM MANGEMENT COMPANY
The company contracted by the corporation to manage the business of the corporation. The management company is responsible to the Board of Directors.

CONDOMINIUM PLAN
The detailed plan of the layout and location of the development, its units and any common property. Its also includes a survey of the land. A second sheet known as the Condominium Additional Plan Sheet records the address for service, Notice of any changes to the bylaws and notice of any changes to the Board of Directors.

CONDOMINIUM PROPERTY ACT OF ALBERTA
The first condominium legislation in Canada was passed on August 1, 1966 in Alberta. The current revision includes the Revised Statutes of Alberta 2000 Chapter C22 2002 and the Condominium Property Regulation 168/2000 with amendments Alberta Regulation 108/2004.

CONVERSION
The conversion of a former single title complex to a condominium generally for the purpose of sale.

DEVELOPER
The company or persons who created the Corporation.

EASEMENT
The legal granting of rights to a person or persons, which allows the person to pass over the property without permission.

EFFECTIVE AGE
The difference between the useful life of components noted in the reserve fund study and their remaining useful life. These are not always equal to the chronological age since not all components will age the same.

ESTOPPEL CERTIFICATE
A certified document issued by the corporation containing specific information regarding the status of the contributions on the unit.

EXCLUSIVE USE AREA
Parts of the common property whose use is restricted to the owners of a unit. These often include balconies, parking spaces and storage units.

EXTRAORDINARY GENERAL MEETING
A meeting of the unit owners called between annual general meetings.

FISCAL YEAR
The financial year for the corporation. Not necessarily a calendar year.

FORECLOSURE
The seeking of a court ordered sale of the unit to enable the corporation to collect the debt owning on the unit.

HOME OWNERS ASSOCIATION
The Homeowners Association functions as a governing body for enforcing and managing restrictions, covenants and conditions. Usually homeowners associations are considered nonprofit corporations.

IMPROVEMENTS AND BETTERMENTS
Anything added to or upgrades in the unit from the original condition when sold by the developer. In bare land condominium, the buildings on the unit of land are often considered improvements.

INSURANCE APPRAISAL
An appraisal of the common property conducted by a qualified individual to determine value for insurance purposes.

INSURANCE CERTIFICATE
Outlines the type and amount of coverage held by the corporation.

LIABILITY INSURANCE
The insurance obtained to protect the Corporation for costs of defending a lawsuit or sustained losses caused by an action of the Corporations Board of Directors.

MINUTES
The official written record of the business discussed and transacted at a meeting of the Board.

MIXED USE DEVELOPMENT
A condominium complex which combines more than one condominium style residential and/or commercial

MOTION
A proposal formally made at a meeting usually a proactive action. A motion is accepted or defeated by a simple majority.

OCCUPANCY LETTER
A letter outlining the percentage of owner occupied units verses those occupied by tenants.

OPERATING ACCOUNT
The bank account belonging to the corporation from which the bills of the daytoday operations are paid.

PHASED DEVELOPMENT
Is the manner in which the developer completes and markets the development.

POLICY
Is a deliberate plan of action developed by the Board and recorded in the minutes of the Board. Policies are generally proactive in nature. Some boards will pull the approved policies forward into a policy manual.

POLL VOTE
A vote by the owners directed by the Chair of the Board of the meeting and usually involves each entitled owner to vote as per their share of the unit factors.

PROFIT AND LOSS STATEMENT
Sometimes referred to as the Income and Expense statement. A statement of income and expenses for the corporation.

PROXY
A document used to authorize an individual other than the person entitled to vote at meetings on that person’s behalf.

REPLACEMENT VALUE
The current market price to replace a component.

RESOLUTION (sometimes referred to as a motion) A statement made either at a meeting and in writing upon which the Board or unit owners have voted.

SELF MANAGED
A corporation that does not contract out the management of the daytoday operations but relies on the Board to manage the property.

SIGNING AUTHORITY
The person(s) authorized to sign cheques on behalf of the Corporation.

SPECIAL ASSESSMENT
An assessment for condominium contributions levied on the units owners in addition to annual condominium contributions.

SPECIAL RESOLUTION
A vote by the owners on a motion which requires acceptance by 75% of the unit owners entitled to vote and holding 75% of the total unit factors.

UNIT FACTOR
The share of the common property allocated to each unit, the total of which together add up to 10,000. PLEASE NOTE: This glossary is provided as reference only and is not intended as a definitive descriptive.