Understanding condominium documents

First off, please note we are legally not allowed to represent any information provided meaning, all advice is to be treated as expert opinion.  We encourage our clients to due further due diligence and make their own decision after further research.

We will do our due diligence on getting you the information you need and can help offer expertise by providing recommendations and a direction for which to proceed.  We cannot represent the corporation or provide any guarantees on the future condition of the corporation.

Reason why we review condo docs:

To ensure the condo corporation, you’re about to invest in (think of it as an investment into a business), is currently in good standing financially, physically and is properly prepared for the future without any major risks that can affect the value of your investment.

Who should review the Condo Documents?

We highly recommend fully reviewing the documents yourself.  We can give you all the guidance you need to make an educated decision.  Alternatively, we also recommend the option of hiring a professional condo documents review company to look over the documents for you. 

Can your lawyer review them for me?

Depending on the services your lawyer offers.  Some lawyers can review them for you as part of their billing cost.  I would recommend asking your lawyer first to see if they offer this service.

CONDO FIRST REVIEW

780-920-5552
carol@condofirstreview.com 

CONDO CHECK

(403) 509-2250
intake@condo-check.com

CONDOMINIUM DOCUMENTS INSPECTION CENTRE

(403) 228-6770 
nina@cdicinspections.com 

CONDOQUEST

(780) 995-4635
sb@CondoQuest.net 

KDM MANAGEMENT INC.

780-460-0444

Heres a break down of your condo documents:

Information Statement

Statement outlining the current status of the unit in relations to the entire corporation.
  • Current condo fee amount
  • Special Assessment applicable
  • Actions commenced against the corporation
  • Unsatisfied judgements corporation is liable
  • Any written demand over $5000 against the corporation
  • Post tension cable disclosure
  • Structural Deficiencies Disclosure
  • Percentage of Owners vs. Renters
  • Current amount in the reserve fund
Within 1 month

Insurance Certificate

Common area Insurance certificate provided by the corporation insurance company
  • General liability statement
  • Validity date 
  • Envelop Coverage
  • Deductible applicable
Must be current

Management Agreement

Agreement between the corporation and property management company
  • Cost of the property management
  • Task and responsibility of the property manager
Must be current

Recreation Agreement

If applicable to the corporation.
  • Agreement for special common area space such as gym, pool, social rooms as applicable.
  • Applicable for Recreation properties or mobile homes.
As required

Amenities/Parking Agreement

If applicable to the corporation.
    • Agreement for any leased or assigned parking space.
    As required

    Meeting Minutes

    Out line of meeting minutes detailing the ongoing discussions of the board
    • Discussions can include but not limited to noise complaints, building repairs, security issues, maintenance, budgeting and general condo operations.
    Current minutes of the last 12 months.

    Annual General Minutes (AGM)

    Annual Meeting minutes hosted by the board for all residents and owners.
    • Current year AGM usually gets approved by next years AGM. Recommend getting draft AGM minutes or contact property management or board directly.  
    • Outlines major projects up coming
    • Reviews financial status of the corporation
    • Election of a new board
    • Allows owners to participate in the condo management process
    Most recent or last AGM minutes available

    Month End Financials

    Print out of most recent month end statement of the corporation
    • Up to date Assets and liabilities
    • Identifies any balance outstanding
    1 month

    Year End Financials

    Audited financial statements outlining the financial year end of the corporation.
    • Assets and liabilities
    • Actual year budget
    • Amount in the reserve fund
    Within 1 year of corporation year end date

    Budget

    Current year budget of the corporation
    • Cost obligations and consideration of the corporation for that fiscal year
    Active Year

    Reserve Fund Study

    Engineer report upon inspection of the condition of building envelop, exterior and mechanical systems.
    • Inspection of the building condition and determines remaining life expectancies for budget considerations
    • Provide Reserve fund allocation plans for p to 25 years for board to adjust spending and savings
    Must be competed by the corporation every 5 years.

    Registered ByLaws

    Registered document at land titles outlining rules and regulations of the condo corporation.
    • Determines voting rights, building rules and roles of the corporation
    • May outline age/pets restrictions.
    Living document, recommend pulling all registered documents on the Condo Plan Sheet.

    Survey Plan

    Registered engineers plan of the corporation determining titled property vs common area.
    • Determines what aspects of the property you own
    • Details of the building and location
    • Registered size and assigned unit factors
    • Titled parking/storage locations
    As registered on the Alberta Land Titles office.

    Get In Touch

    JAKIE NG, REALTOR® | Your Edmonton Downtown Condo Specialist

    Mobile: (780) 224-5566

    Phone: (780) 224-5566

    Email

    Office Info

    RE/MAX River City

    #100, 10328 81 Ave NW  Edmonton,  AB  T6E 1X2 

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