A deal between Airbnb and Neptune Waterpark Condominiums — believed to be a first in Canada — should be carefully studied to understand the legalities, says Toronto condominium lawyer Armand Conant.
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The only change to the Act regarding quorums for meetings is the ability to have a reduced quorum if the 25% threshold is not achieved at the first two attempts of holding the meeting.
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Changes to the Act will affect how we all do business. The first point that everyone needs to recognize is that the amendments to the Act are bare bones.
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After November 1, 2017, Directors and Candidates Must Disclose Certain Information to Owners.
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The condo corporation’s lien, if properly registered in accordance with the act, takes priority over all other encumbrances, even prior mortgages. It is an important consumer protection device as it insures that a condominium corporation will not lose the ability to finance itself just because its owners have large mortgages that may wipe out the condo corporation’s ability to recover.
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The Ministry of Government and Consumer Services has released a plain language summary of the proposed regulations for four areas of the amended Condominium Act, 1998, and transitional rules for the amendments to the Act that will be coming into force in 2017. The full text of the regulations should be released shortly.
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