Record keeping is an essential task for any condo, and it can be a real headache.
Improving Condo Record Keeping
Date Published: Sep 24, 2018
Types of RecordsIn condo record keeping the paperwork piles up easily. There are a lot of documents that need to be kept, and many of them need to be kept for a long time. As a result, the record files grow quickly, compounding over the years. In Ontario Condo Law, a number of documents need to be kept for set time limits:
|Record Type||How Long Condos Must Keep Records|
|Minutes of board/owner’s meetings||Unlimited|
|Current records of owners/leases||Unlimited|
|Reserve fund plans/studies||Unlimited|
|Ongoing litigation & insurance claims/investigations||Unlimited|
|Current warranties/insurance policies||Unlimited|
|Financial records||7 Years|
|Status certificates||7 Years|
|Returns & notices of change||7 Years|
|Director disclosure||7 Years|
|Training records||7 Years|
|Specific owner records||7 Years|
|Expired agreements/warranties||7 Years|
|Employee records||7 Years|
|Past litigation and insurance claims/investigation records||7 Years|
|Engineer/Architect/Appraiser reports on the condition of the property||7 Years|
|Proxies, ballots, & votes at owners’ meetings||90 Days|
Quality of RecordsIt’s not just the organization and maintenance of the records that improve, but the quality as well. By leveraging digital condo record keeping tools, more supporting documentation can be provided with ease. Drag and drop supporting images, files, videos and more. You can further improve ease and quality by having all your condo management under one comprehensive software solution. For example, consider how Condo Control Central improves and expedites the online status certificate process: As comprehensive condo management software, it can accept payments, automate records, and email necessary parties immediately. The buyer fills out a form online for a faster, easier process. The condo manager is immediately notified of the new request through email. Not only can the condo manager see the request but it has all the necessary information allowing for an easy process. If needed, this record can be pulled up instantly through the software’s search function.
Access & StorageA good condo management software platform is a precise balance between ease of access and security. You want to make it easy to sort and share records and documents without leaving your system vulnerable. This means having strong control over access rights and sharing in a user-friendly system.
Ease of AccessA user-friendly, easy to navigate interface is essential for the best property management software. It cuts down on time for users at both ends of communication. The search feature makes it easy to find, access, and share documents with the necessary parties. It is also secure because parties can access the documents through a single system. At the receiving end, the user benefits from templated and standardized documents and records. This makes them consistent and easy to read. It’s a better user experience and a more efficient process. Making use of mobile condo management apps further improves ease of access. It allows for access at home or on-the-go. In today’s technological landscape, mobile access is becoming a necessity for anyone managing multiple properties.
Sharing Access and Rights to Access RecordsNot all documents and records are shared solely between condo managers, management company, and boards. Condo owners, prospective buyers, and agents have the right to access a number of key records including:
- The financial records of your corporation.
- The minute book containing the minutes of owners' meetings and the minutes of board meetings.
- Your condo corporation’s declaration, by-laws, and rules.
- A copy of any return or notice that the corporation has filed with the CAO.
- All lists, items, records and other documents from your condo corporation’s turn-over meeting.
- A list of the names of the owners of each unit in the corporation and their address for service.
- The budget for the first fiscal year.
- All reserve fund studies and all plans to increase the reserve fund.
- All agreements entered by, or on behalf of, the corporation.
- All instruments appointing a proxy or ballots for a meeting of owners that are submitted at the meeting.
- Other records as specified in regulations or your condo corporation’s by-laws.