Curtis Leibel 780-438-2500

When looking at purchasing a condo, it is important to include a review of condo documents condition.  This allows perspective buyers the opportunity to do their due diligence and look into the condo corporations financial position.

Attention to detail is necessary for this, and I often advise clients to seek the help of professional companies trained to review these sort of financials.  Either way, here are some of the documents you can expect to come across while reviewing:

1.  Information statement – particular information about the unit itself (ie. exact condo fees, any law suits against it, etc…)
2.  AGM – minutes from the latest Annual General meetings which all owners are invited to attend.
3.  Monthly meeting minutes – Most complexes will hold monthly meetings to tackle ongoing concerns.  Smaller units may only meet every 3 or 6 months, but all minutes must be held on record.
4.  Monthly and annual financial expenses and budget for the next year.
5.  Reserve fund Study – Basically a professional inspection of the exterior of the building.  All condos must have this completed every 5 years.
6.  Certificate of Insurance – all condos need to have insurance and provide evidence of it.

Although this list is not inclusive, these are the major items you can expect to have provided to you to review before proceeding with your purchase.