Property Management Functions
- Determination of contract specifications and coordination of tradesmen
- Administration of communications with Owners, dispute resolutions and enforcement of Corporation By-laws and the Condominium Property Act
- Regular on-site inspections
- Preparation of estoppel certificates and caveat discharges as required
- Maintenance of Corporation files and accounts
- Access to professionals within the Property Management industry
- Acquiring proper insurance coverage
- Coordinate, prepare and attend Board meetings and Annual General Meetings
- Emergency assistance to Owners and other duties as required by the Board and Owners
- Collection and deposit of monthly receivables to the Corporation's bank account. Monthly statements are prepared according to generally accepted accounting principles (GAAP)
- Collection of arrears
- Preparation of expense cheques for Board Member's signatures
- Administration of short and long term investment portfolio
- Preliminary annual budget preparation for Board review
Hearthstone Management has established relations with a large number of contractors specific to any job required.
Consultation with collegues in the management field takes place on a regular basis to review qualified contractors and competitive pricing. Job specifications are prepared for tender when three quotes are required by the Board. Recommendations for payment are related to the Board when the work is completed satisfactorily.
Condominium Property Act & Bylaws
Hearthstone Management is familiar with the "Condominium Property Act" and abides by all Corporation By-laws. Correspondence is gathered from Owners with concerns and presented to the Board in a timely fashion.
Site visits occur on a regular basis, and when required to supervise Contractors and ensure work is being carried out in accordance with pre-established specifications.
Estoppel Certificates and Caveats
Estoppel Certificates are required when an Owner sells a unit. This is a legal document which provides Lawyers with the current status of the Condominium and Condominium fees.
A Caveat is a legal document which is registered at the Land Titles Office and is signed by the Board of Managers and a Commissioner of Oaths. In general, a Caveat registers a lien against an Owner's property when condominium fees are left unpaid after three months. The Caveat is discharged following a similar procedure once the owner pays outstanding fees.
Files are kept for each Owner containing current titles and related correspondence. All invoices are filed in an acceptable manner and are turned over to the Auditor at the Condominium's fiscal year end. All files are maintained in a secure area.
Interaction with lawyers and contractors on a regular basis. Up-to-date information is received from the Canadian Condominium Institute and disseminated to the Condominium Board and Owners.
Proper insurance coverage is obtained in accordance with the Property Act and Condominium By-laws.
Monthly Board meetings are attended by Hearthstone. Preparation and distribution of an agenda is completed after consultation with the Board. Hearthstone Management will respond to correspondence in accordence with direction by the Board. Timelines and procedures for work to be done are discussed and a follow up is provided by Hearthstone Management. The Annual General Meeting is organized and carried out by Hearthstone Management in accordance with the Property Act and By-laws.
A 24 hour emergency service is available by cellular phone. A qualified property manager is available at all times, including holidays.
Hearthstone Management maintains records showing all receipts and expenditures relating to the Condominium Corporation and submits a cash receipt and disbursement statement for the preceding month, plus a statement indicating the balance of deficit in the Corporation's account for the Corporation on or before the twentieth day of the following month. The Condominium Treasurer receives a detailed account of all journal entries and the remainder of the Board receives a balance sheet and a general ledger.
Collection of Arrears
Arrears letters are processed on the 10th of each month. Interest is charged on all outstanding fees at that time. Units more than 3 months in arrears receive a notice that a caveat may be placed on their unit within 10 days, and at that time the Owner's mortgage company is also alerted.
All invoices (utilities, contractors, payroll) are received by Hearthstone Management and cheques, which require two signatures from the Board, are prepared. Signed cheques are then mailed out by Hearthstone.
The Corporation's bank account is reviewed regularly and suggestions are made as to where the money may be invested for the short and long term. This is done is accordance to the Condominium Property Act, and each Corporation's By-laws.
An annual budget is prepared by Hearthstone Management 60 days prior to the Corporation's year end for Board review and approval. Next year's condominium fees are then calculated according to unit factors and notification is mailed to all owners 30 days prior to the fiscal year end.