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Frequently Asked Questions
Why do I need a document review?
Click here to go to Buyers Information.
Financial document analysis:
  • How much money is going towards reserve fund or future repairs?
  • Are the condominium fees going up to meet future capital expenses?
  • Is there going to be any special assessments to avoid unreasonable increases in Condominium fees ?
Financial statements inform you about the financial health of your future condo’s management.
Reserve fund study & twenty-five year cash flow plan:
The Reserve Fund Study professional planners evaluate the major common area components and they are provided a life cycle. The twenty-five year cash flow plan is created to make sure that there is sufficient money in the reserve fund when the cost of repair or replacement of a major component of the common element requires attention. So it is very important for a complex to have sufficient money in the Reserve Fund so Special Assessments are avoided.
Before you buy you, ask:
  • Is there a reserve fund and how much money is in the reserve fund?
  • How much of your condominium fees go towards the reserve fund?
  • Is there a reserve fund study done and how old is the study?
  • Any major expenses considered in the reserve fund plan?
  • How much money will be needed to establish and/or maintain the fund to offset future replacement costs?
  • How does the Board plan to raise those funds?
  • Increase in the condo fees or special assessments.?
  • Are older buildings no good? It all depends on management and maintenance over the years. As buildings age they need to be repaired and maintained. This also applies to other common property such as the exterior of the building, asphalt, underground utilities or services and landscaping. As with other expenses of the corporation, the owner must pay for the repairs or replacement costs.
By-Laws:
By-laws of a condominium complex tell you what you can and cannot do within the complex. Specifically complying with the by-laws, paying your condominium fees, pet restrictions, age restrictions, satellite dishes and making any changes to the exterior or interior of your condominium.
Do I have certain rights as a condominium owner?
As an owner of a unit you have the right and an obligation to vote. The voting rights are determined by the Act, bylaws and by the unit factor for your condominium unit.



All bylaws permit owners to ask for poll votes at meeting. In a poll vote the person’s share of the unit factor assigned to the unit determines the weight of that owner’s vote.
What happens if I have water seepage/leaks in my unit?
It is extremely important to establish the source of the leak first. According to the condominium act the exterior of all condominiums (in most cases) is managed and maintained by the condominium corporation (common property).

The interior of the unit belongs to the owner and the owner is responsible for the maintenance and repairs to it.

However, if the water leak or seepage is identified entering the property from the out side due to rainwater drainage or leaky roof, in such situations it well may be the responsibility of the condominium corporation ( each situation is different and must be evaluated accordingly).

Can I rent my unit?
Any owner can rent his/her unit with proper notice given to the corporation in writing of your intent, your future address and the amount of the monthly rent. You must provide your tenants name with in 20 days after tenancy starts. If you do not pay your condominium fees, the corporation can direct the tenant to pay all or part of the rent to the corporation to cover your unpaid condominium fees. The condominium property act applies.
 
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For Realtors
 
The nature of the bylaws can differ from complex to complex. ByLaws are created to achieve certain objective for that complex. These objectives may not be in the best interest of what you (realtor/ buyer) may have in mind as your potential future home/lifestyle.
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FAQ’S
Why do I need a document review?
Do I have certain rights as a condo owner?
What happens if I have water seepage/leaks in my unit?
 
 
 
Includes in Report
Condominium ownership is very common in many countries in Europe and Hong Kong and big cities such as New York. However this concept has just started to get more recognition in Calgary as we move in to more density in the cities and our average price is climbing to meet the prices in major centers across Canada.
 
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Condominium Document Inspection Centre #201, 735 - 12th Avenue S.W. Calgary, Alberta T2R 1J7
Phone:(403) 228-6770 Fax: (403) 806-1297 Email: nina@cdicinspections.com

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