When you leave the condo unit, you notice that the grass needs mowing, or the plumbing in the public restroom needs to be repaired, and then to your surprise, it’s all done!
The group who pays for all those things are the financial entity known as the condominium corporation. This group is made up of a board of directors run by the unit owners. They ensure that the building and grounds are well-maintained and that all owners follow the bylaws.
So if you’re looking around for a condo, do look for the corporation’s monthly financial statements and Reserve Fund Study. Both provide a wealth of info on how the building is cared for.