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YCC8 Condo Maintenance

* Maintenance     * Parking     * Fees     * Condo Act

As a “Condominium” owner you not only purchase a home you also purchase an interest in the other properties that makes up the community including the land, building structure, parking area, roads, landscape areas etc.. Your unit is your prime responsibility; however, through your maintenance fees you share the responsibility for the maintenance of the entire condominium common elements with your neighbors.   “Common Elements” broadly refer to all property of  YCC#8 except the interior of the units.  Each unit owner has an undivided interest in the common elements as a “tenant-in-common” with all other owners.  Each owner contributes to the common expenses in a proportion allocated to each unit as defined in the Declaration (maintenance fee). 

Our Condominium Corporation is a non-profit organization and its existence is dependent upon timely collection of maintenance fees in order for the corporation to be able to pay its bills and run its day to day operations.  Therefore, timely payment and the enforcement of payment are important and this is why both administrative fees are incurred and lien procedures are commenced.  Otherwise our corporation would not have the necessary funds to properly operate.

Maintenance Fees:
Fees are due and payable on the first (1ST) day of every month.  Automatic withdrawal (pre-authorized bank payment) is preferred. Late payments are assessed a twenty-five ($25.00) charge and payments returned by the bank (NSF) is assessed a forty ($40.00) charge. Contact the property manager to register for pre-authorized payment.

>> Click here for pre-authorized Payment Form (PAP)

All Maintenance and or Special Assessment fees are used for the general purpose of the Corporation in the manner set out in the budget.   The Corporation must have two (2) separate accounts: One being the general operating account for the Corporation and the other being the Reserve Fund account which is required by law. The amount contributed into the Reserve Fund account is dictated by the Reserve Fund Study and Board of Directors funding plan.  The Reserve Fund includes monies received and accumulated over several years to be used for major maintenance which may occur through damage and deterioration to the common elements.