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Developers |
| As a reputable developer or aspiring to be one, you are expected to deal fairly with the member of the public. Developers and builders have a duty to be ethical, protecting the best interest of the public while providing value for service. |
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As a developer before entering into a purchase agreement with the member of the public you must provide a copy of the following:
- The purchase agreement
- The bylaws or the purposed bylaws;
- Any management agreement or proposed management agreement;
- Any recreational agreement or proposed recreational agreement;
- Any applicable Leases (parking or the project development);
- Any mortgage or proposed mortgage that may affect the title of the unit;
- The condominium plan or proposed condominium plan;
- The phased development disclosure statement if the unit is in a phased development;
- Reserve fund information if the development is a conversion;
- Operating Budget and fee schedule;
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Any new development should also have the estimated or proposed condominium contributions. These contributions should be prepared with caution so they do not mislead the buyer. The contributions should be based on realistic cost maintenance projections. Buyers should be able to rely on this information to calculate their monthly expenses.
Property taxes are also estimated. A realistic estimation (based on comparable mill rates and similar land value and developments) sizes, balconies, underground parking, etc. can give you a projected figure for marketing purposes.
All details for new developments are based on the drawings with finishing details, which determines the projected contributions required to plan the future expenses (twenty five year plan).
In accordance with the Condominium Property Act, the Reserve Fund Study and plan must be completed not later than two years from date of
condominium plan registration. More lenders are requesting that the reserve fund study be in place before any funds are advanced.
At CDIC we can assist you in preparation of these valuable documents that are crucial to the success of any project. We work with engineers who establish structural integrity of the building.
A twenty-five cash flow plan is required as part of the reserve fund study.
A properly executed package for the complex is very important to the marketing success of the project. We can customize your bylaws to your specific needs to meet your objectives.
For details of our services and packages available, please contact our office. |
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