Document Review Service
Buying a Condominium is very different from buying a single-family dwelling. When buying a Condominium you are buying not only a home, but a portion of the common property. You are buying a share in a corporation.
As with all businesses, some are very well-run, but unfortunately, many are not.
Buying a home is one of the biggest
investments you will ever make. So, how can you determine if a particular condominium corporation is well-run and will deliver the lifestyle you desire?
Sections 39(6), 44, & 45 of the Condominium Property Act and Section 31(1) of the Regulation to the Act specify certain documents and information that must be provided to any Owner, Purchaser or Mortgagee within 10 days of a written request.
REVINGTON'S DOCUMENT REVIEW
The Document Review and Report includes a general discussion and review of the documents that must be disclosed:
Reserve Fund Study
Reserve Fund Plan
Budget and monthly fees
Annual financial statements
Monthly financial statements
Minutes - annual general meetings
Minutes - board meetings
Certificate of insurance
These documents, when reviewed by a professional can provide invaluable insight into:
The true financial status of the Corporation;
The likelihood of a major increase in monthly fees, or a special assessment;
Whether or not the Directors of the Board appear to be aware of their fiduciary duties and are fulfilling them to the best of their abilities;
The adequacy of the insurance coverage;
The lifestyle to be expected.
A REVINGTON DOCUMENT REVIEW
A REVINGTON Document Review is also a learning tool for clients unfamiliar with condominium ownership, as the report contains pertinent information on related topics.
Clients are better informed and prepared for what to expect as far as lifestyle, duties and limitations.
Clients gain confidence through a better understanding of future financial requirements.