Common Element Fees
YCC#34 manages and maintains, on behalf of the owners, the common elements of the townhomes.
Common Element Fees (CEFs) are used to fund both the ongoing operational needs of Stately Way as well as providing funding for the corporation’s Reserve Fund which is utilized for ongoing maintenance and repairs to the common elements.
- Ongoing operational expenses include items such as groundskeeping, snow plowing, water, and management fees.
- Maintenance and Repairs to the common elements include items such as brickwork repair, roof repairs and maintenance, walkway repairs, painting, etc.
An engineering study is conducted on a regular basis to determine the expected timing and cost of repairs to the corporation’s common elements, along with the expected level of funding required to the Reserve Fund to finance these expenditures.
<span class="txt-black"Fees are due and payable the first day of each month. Automatic withdrawal is the preferred method of payment. Late payments and payments returned by the bank are immediately assessed with a processing charge.
<span class="txt-black"If you wish to have your maintenance fee removed automatically every month, please download, fill out and return to Management the Stately Way PAP Form.
Other Fees & Charges
Late payments, NSF cheques, and rejected withdrawals can be an expensive matter. Charges could include legal costs if not paid, and will remain on record until payment is made.
- $100 – Status Certificates (cash) or $105 (credit card)
- $ 25 – NSF charge
- $ 40 – Parking (monthly)
Please keep current on any fees and charges as any arrears approaching 90 days must be referred to the Corporation’s solicitor for payment, with the owner being responsible for any associated legal and other costs.