Condominium glossary

Plain-English definitions of the terms condo managers, boards and owners run into every day — from permillage to sinking funds.

Annual General Meeting (AGM)
The yearly statutory meeting where owners approve accounts, elect the board and vote on major works.
Bylaws
The rules that govern how a condominium operates, adopted by the owners.
Co-ownership share
The percentage of the whole building that a single unit legally owns.
Condo board
Group of owners elected to oversee the building between general meetings.
HOA (Homeowners Association)
US umbrella term covering condominium associations and planned-community associations.
Minutes
The official written record of a general meeting, resolution by resolution.
Permillage
The fractional share, expressed in thousandths, that each unit owns in a condominium's common parts.
Proxy vote
A vote cast on behalf of an absent owner by a designated representative.
Quorum
The minimum share of owners that must be present or represented for a vote to be valid.
Reserve fund
Money set aside for future major repairs and replacements of common property.
Service charge
The regular contribution each owner pays for the building's running costs.
Sinking fund
Another name for a building's long-term capital reserve, common in UK and Commonwealth practice.
Strata scheme
The Australian and New Zealand term for a condominium — a building divided into individually-owned lots plus common property.
Syndic (managing agent)
The professional or elected person responsible for running the condominium day to day.
Weighted vote
A vote in which each owner's ballot counts proportionally to their ownership share.