Top 3 Reasons to Hire a Professional to Prepare Amendments to Condominium Documents……….
Condominium Corporations in New Brunswick are regulated by the New Brunswick Condominium Property Act and the Corporation’s individual Declaration and By-Law, including the Common Element Rules. The Declaration is its charter document and is regulated by its By-laws. These 2 documents were created by the Declarant (the original developer of the property). But over time the owners may want to make changes to their original Declaration and By-Law to provide better management of the property and to protect the owners and the property from potential risks.
There is a process to amending either of these documents which involves getting approval for the proposed changes from the owners, preparing the documents in an acceptable format for registration and paying the required fees. Many Condominium Corporations are not skilled to navigate the process and may need some guidance.
So, why hire a professional to do the work for your Condominium Corporation?
- A professional can do a review of both documents and recommend useful changes you may not have thought about. This includes a) identifying wording in your document that may be outdated and in conflict with the current legislation; b) lack of sufficient Provisions and Rules to respond to owners’ concerns; and c) weaknesses in your documents that could pose unnecessary risks for the Condominium Corporation.
- A professional is experienced in determining the correct voting requirements to accept any amendments brought to the owners. In New Brunswick, the voting requirements are very different to accept changes to a Declaration as opposed to accepting changes to a By-Law. In fact, a professional may be called upon to attend the general meeting and provide the rationale for the proposed changes and answer questions. This is an excellent opportunity to educate owners.
- A professional is knowledgable about the proper format for delivering the amended documents for registration. Any changes made to a Condominium Corpor