We have recently blogged on the various Information Certificates, which must be sent to condo owners at precise intervals. In this post, we focus on the “New Owner Information Certificate”, which – you guessed it – must be sent to new owners.
Why a NOIC?
As indicated in our post on Periodic Information Certificates, PICs must be sent to all owners, twice a year, at specific point in time. As such, there can be up to 6 months between PICs. Naturally, there can be many changes in ownership between 2 PICs. To avoid leaving new owners “in the dark” until the next PIC, the new regulation imposes on corporation the obligation to send out New Owner Information Certificate to new owners.
Who is entitled to a NOIC?
As the name indicates it, a NOIC must be sent to all new owners of the corporation.
Naturally, to be able to do this, the corporation must be made aware of the arrival of a new owner. Oddly enough, the change of ownership was a bit of a guessing game in the past. Not anymore. The amended Act now imposes on new owners the obligation to give the corporation written notice of the change in ownership. They must do so as soon as reasonably possible and, in any event, no later than 30 days after becoming an owner. This will go a long way to help corporations maintain the record of owners and mortgagees.
What is included in a NOIC?
The NOIC is pretty simple in that it basically provides new owners with the most recent Periodic Information Certificate or the most recent Information Certificate Update.
Corporation must use the form developed by the province. You can access the NOIC form by following the links below:
- New Owner Information Certificate (fillable – this works best with Internet Explorer)
When should the NOIC be sent?
The NOIC must be sent within 30 days of the new owner having provided the corporation with written notice of the change of ownership.
What if a new owner arrives before the first PIC/ICU is issued?
Since the sole purpose of the NOIC is to provide the new owner with a copy of the latest PIC or ICU, what is a corporation to do if the new owner arrives before the corporation has to issue its first PIC? Fear not, the province has a transitional provision in place.
Indeed, a corporation does not have to send a NOIC if the new owner arrives before the corporation issues its first PIC or its first ICU.