New Owner Information Certificates (NOIC) are sent to new owners within
30 days after the new owner provides written notice stating their name
and the unit that they own in the corporation.
A NOIC covers the most recent PIC and any subsequent ICUs.
Some condo corporations are exempt from these requirements if:
•
they’ve held a turnover meeting
under section 43 of the Condominium Act; and
•
the owners of at least 80% of
the units consent in writing to dispense with the requirements.
With that in place, the exemption applies to information certificates
required to be sent for the remainder of the particular fiscal year.
Corporations must use new mandatory forms on the Government of Ontario
website, which walk through how to compile the information in the
certificates. Much of the contents in the certificates should be
readily available, i.e. information that’s already included in status
certificates that corporations typically prepare for unit purchasers.
To reduce the amount of material they must print for distribution to
owners, corporations can make use of a notice of online posting. Or
they can enter into agreements with owners for electronic delivery of
the certificates.