Here are a few key terms regarding co-ownserhip and property management, along with their definitions.
| Administrator | Member of the syndicate\Board. |
| Condo/condominium | The now familiar term “condo”, refers to the individual unit occupied by an owner within a condominium-style building. In most Canadian provinces, as well as in the United States, the term “condominium” or “condo” is the legal term employed. In Australia and in British Columbia, the legal term is “strata”. In France, we refer to a condominium as “co-ownership” and in the United Kingdom as “commonhold”. |
| Board of directors | The Board of directors acts as the communication channel between the co-owners, the property manager and all third parties involved. A condominium’s Board of directors is elected during the annual general meeting. |
| Co-ownership | Refers to the division of a building or group of buildings into fractions. These fractions are divided into lots amongst numerous individuals. Each individual is attributed both a private portion (a condo unit) and a share in the communal area. |
| Declaration of co-ownership | The declaration consists of the constituting act of co-ownership, the building bylaws and a description of the fractions. It governs relations between co-owners and the Board of directors concerning all matters related to the property. It is a legal document whose creation leads to the birth of the syndicate. The declaration outlines the rules and regulations related to the functioning and administration of the property, as well as those related to the enjoyment, use and maintenance of the private and common areas. |
| Description of the fractions | Contains the cadastral designation of the building’s private and common areas. It also contains a description of the real rights affecting the building or those existing in its favor. |
| Contingency Fund | Also known as the reserve fund, the purpose of a contingency fund is to provide financing for major repairs and other projects. |
| Property manager | Synonyms: property administrator, co-ownership representative. |
| Property bylaws | The property bylaws outline the rules and regulations related to the functioning and administration of the property, as well as those related to the enjoyment, use and maintenance of the private and common areas. |
| Co-ownership syndicate | Legal person (made up of elected co-owners) responsible for protecting the rights of the co-owners, as well as managing and maintaining the property. |