What is a PIC, and why is it important?
Twice a year, condo owners receive an official-looking form from the “Ministry of Government and Consumer Services.” While it might seem like just another piece of paperwork, it’s actually a crucial document for keeping everyone informed about their condominium’s status.
So, what exactly is a Periodic Information Certificate (PIC)?
📑 What Is a PIC? A PIC is a mandatory report issued under the Condo Act, designed to provide a snapshot of your condominium corporation’s health and operations. It includes:
Current Contact Information: The condo corporation’s mailing address and property management firm.
Rental Status: The number of units currently rented out.
Board Members: Names of the current board members.
Financial Health: Details on the Reserve Fund and insurance coverage.
Legal Standing: Information on any ongoing legal actions or outstanding judgments.
🕒 When Are PICs Sent Out? PICs are issued within 60 days after the end of the 1st and 3rd quarters of the fiscal year. They’re sent to all owners and include the most recent budget and insurance certificate.
At Onyx Condo Management, we understand that managing a condominium can be complex and sometimes overwhelming. That’s why we’re dedicated to ensuring every PIC is clear, accurate, and delivered on time. Our goal is to provide transparency and peace of mind for condo owners and boards alike.
Looking for a property management firm that values clear communication and expert management? Let’s connect and see how we can help streamline your condo management needs. 🏢✨
Contribution by Carly Smith
Comments