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 annually to the reserve fund and that the financial status of the fund is adequate.
The Reserve Fund Study is important to unit owners and potential purchasers as it identifies the estimated annual contributions unit owners can expect to pay towards the reserve fund. A well managed reserve fund will protect you from special assessments and eliminate the requirement for current and future unit owners to pay more contributions to make-up for previous deficits.
If you are purchasing a condominium and would like to have its reserve fund financial status reviewed simply provide an electronic copy of:
- the most recent Reserve Fund Study;
- the Estoppel Certificate;
- the current year budget and financial statement; and
- the current bylaws.