The term “condo section 98 agreement” may not be familiar to everyone, but it is an important aspect of condominium ownership in certain areas. In basic terms, a section 98 agreement is a legal contract that is signed between the condominium corporation and individual unit owners, which outlines their respective responsibilities for the maintenance and repair of common elements.
These agreements are particularly common in Ontario, Canada, where they are required by law for most condominiums built after 2001. Section 98 of the province`s Condominium Act outlines the requirements for these agreements, which must be registered with the local land registry office and approved by both the corporation and the unit owners.
So what exactly is covered in a section 98 agreement? The main focus is on common elements that are located within individual units, such as windows, doors, and balconies. These elements may be the responsibility of the corporation, the individual unit owner, or a shared responsibility depending on the specifics of the agreement.
For example, a section 98 agreement may state that the corporation is responsible for repairing and maintaining the exterior walls and roof of the building, while individual unit owners are responsible for maintaining their own balconies and windows. Alternatively, the agreement may divide responsibility for certain elements based on their location within the building (e.g. the corporation is responsible for all common elements on the exterior of the building, while individual owners are responsible for those within their unit).
It`s important for both the corporation and individual unit owners to carefully review and negotiate the terms of a section 98 agreement to ensure that they are fair and reasonable. In some cases, the agreement may include provisions for sharing the cost of repairs or maintenance based on the proportion of ownership of each unit.
From an SEO perspective, it`s worth noting that section 98 agreements may be of particular interest to those searching for information on condominium ownership in Ontario. Including relevant keywords in articles or web content related to these agreements (such as “condo section 98” or “section 98 agreement Ontario”) can help improve visibility in search results and attract potential readers.
In summary, a condo section 98 agreement is a legal contract that outlines the responsibilities for maintenance and repair of common elements between the condominium corporation and individual unit owners. These agreements are required by law for most condominiums built after 2001 in Ontario and are an important aspect of condo ownership in the region.
