Within the last twenty to thirty years the number of newly constructed apartment developments across the province has increased significantly. With the rise of the number of apartment blocks there has come about a marked increase in apartment specific problems caused partly by the market crash and unsold units but also in some circumstances poor planning for future management of apartment buildings and common areas. Ownership of the building structure, open spaces or common areas can be forgotten about by a developer and not legally transferred to a management company of which the residents are shareholders. In the event of a developer’s insolvency this can lead to complications both for future sales and being able to maintain insurance cover.
Failure to appoint a managing agent to deal with the day to day administration of the Management Company can lead to poor maintenance and management which can also affect a property’s value.
If you are an apartment owner we recommend that you ensure your apartment lease contains adequate provision for ownership and management of the common areas and an assurance that a management company is legally obliged to carry out essential tasks such as maintaining adequate buildings insurance.
If you are an apartment owner experiencing difficulties concerning inadequate management or uncertainty about common area ownership our property team has recent experience in dealing with these issues.
or Katrina Olver
Each member of our team delivers practical legal advice which draws on a substantial depth and breadth of experience across the firm. Please contact any member of our team to arrange a consultation.