Condowise Learning - Tips and Tricks

 

Tips & Tricks for a better Shared Facilities Agreement

 
  1. Do not assume that your original Share Facilities Agreement is going to accurately reflect the relationships today.

 

  1. Be open to amending and changing your Shared Facilities Agreement.

 

  1. Identify accurately component inventory for operation and reserve fund contributions.

 

  1. Invest in submetering and check metering, if necessary. (This can save a lot of grief!)

 

  1. Realize that a Shared Facilities entity is not an entity at law. Thus, it can’t bind the parties.

 

  1. Realize that a Shared Facilities entity is not a partnership for the purposes of the Partnership Act of Ontario.

 

  1. Don't allow every little disagreement to be disputed through mediation or arbitration. Set boundaries.

 

  1. Appreciate that measuring consumption is not always by the number of doors.

 

  1. Ensure you understand the “limits” of the assets, including the vertical boundaries.

 

  1. Be creative on how to exercise voting rights.