GOT A QUESTIONS?
Why Should I Get a Professional Review?
A professional condo document review can save you tens of thousands of dollars by uncovering hidden risks that a personal assessment might miss. Experts in condo reviews go beyond the basics, identifying issues in financial statements and spotting major defects or construction concerns that could lead to costly repairs in the future.
What is a Condominium Document Review?
A condominium document review is the process of examining the corporation's financial and governance documents for a condo property. This review helps buyers understand the building's financial health, management, and any potential issues before making a purchase decision.
What Types of Problems Can a Condominium Document Review Identify?
A condominium document review can identify various potential problems, including restrictions on pet ownership or rentals, financial shortfalls in the condominium association's budget, potential special assessments, upcoming repairs or maintenance projects, and non-compliance with applicable laws and regulations.
What Should I Do If I Find Problems in My Condominium Documents?
If you find problems in your condominium documents, it is recommended to discuss them with your real estate agent or lawyer. They can provide guidance on the best course of action to address and resolve any issues identified during the document review.
Who is Responsible for the Window's & Doors?
The Alberta Condominium Property Act states that all windows and doors located on the exterior walls of a unit are the responsibility of the condo board, while interior wall windows remain the responsibility of the owner.
Maintenance: Owners may still be responsible for certain items like door screens, window screens, hardware, and weather stripping.
There is an exception to this rule, however. Condo buildings built before September 1, 2000, may be exempt from this regulation, as this is when the Condominium Property Act was amended.
BUILDING BUILT BEFORE SEPTEMBER 1, 2000:
·The condominium corporation had until September 1, 2002, to decide, by a special resolution, to amend the condominium plan to make exterior doors and windows part of the unit again, instead of common property. ·The corporation had to register this special resolution on the condominium plan to reflect the change.
It’s always a good idea to ask your lawyer to check the survey plan and confirm if your building was built prior to September 1, 2000.
What Types of Warranty does Confident Condo Review have?
We carry E&O insurance for our client’s protection.
Buy with Confidence: Learning from the Penhorwood Condominium Complex
The Penhorwood Condominium Complex in Fort McMurray, Alberta, serves as a poignant reminder of the significant risks associated with condominium purchases. This tragic saga unfolded in 2011 when, in the dead of a cold winter night, 300 residents were hastily evacuated within 30 minutes due to the structural unsoundness of the 168-unit condo complex. The origins of this crisis date back to 2003, with allegations of structural deficiencies and safety risks sparking a prolonged legal battle that culminated in an amended claim seeking $60 million for the demolition and rebuilding of all units.
Despite the resolution, the aftermath proved enduring, with owners continuing to pay mortgages, and some facing financial ruin even after 11 years of litigation. The Penhorwood disaster serves as a cautionary tale, emphasizing the long-lasting and far-reaching consequences that can arise from inadequate assessments and undisclosed risks.
For Alberta condo buyers, the crucial lesson from Penhorwood underscores the need for meticulous due diligence before making a purchase. By prioritizing informed decision-making, prospective buyers can safeguard their investments and buy with confidence, avoiding the potential pitfalls revealed by the Penhorwood Condominium Complex tragedy.
Realtor's Document Review Checklist for Resale Condominiums:
- Registered Condominium Sheet (CAD)
- Registered Condominium Plan
- Offer to Purchase Contract
- MLS Feature Sheet
- Registered Bylaws
- Annual General Meeting Minutes
- Board of Director Meeting Minutes
- Reserve Fund Study
- Annual Operating Budget
- Current Balance Sheet
- Year-End Financial Statement
- Audited Financials
- Insurance Certificate/SIUD if available
- Management Contract
- Information Statement
- Notice of Special Assessment (if any)
- Engineer or Technical Audit Report (if any)
- Lease or Parking Agreement (if any)
- Restrictive Covenant (if any)
- Rules and Regulations - Owners Guide (if any)
- Encumbrance Documents (if any)
- Statement of Claim (if any)
- Newsletters (if any)
Ensure that all required documents are provided for a thorough review and assessment of the resale condominium.
Got a Question? Send to info@confidentcondoreview.ca