Why a Reserve Fund Study?

Reserve fund studies:

• tell condo owners how much money should be paid into the reserve fund or “savings account” for major capital improvements;
• ensure funds are available when needed for major repairs and/or replacements;
• avoid the need for special assessments;
• assist Board of Directors to plan budgets and maintenance programs; and
• ensure an adequate and balanced fund is maintained for current and future owners.

Industry requirements regarding reserve funds and reserve fund studies vary between provinces and continue to evolve.  As well, every condominium corporation is unique and its current status and requirements must be considered when preparing a Reserve Fund Study.

Why a Document Review will give you piece of mind?

You want to be comfortable in your new home, without concerns of how the condominium will be maintained and how much it will cost you.

As a condition of purchase, having the condominium’s most recent Reserve Fund Study compared against the Corporation’s current financial status will provide you with valuable knowledge and peace of mind of how much you will be expected to contribute year-over-year to the reserve fund and whether or not special assessments may be required to cover needed repairs.