Additional Questions You Should Ask
- What is the development’s history? (e.g. Are there any persistent problems or structural deficiencies)
- What is the current financial status of the corporation? Is the corporation operating with a surplus or deficit?
- Has there or will there be any Special Assessments?
- How many of the units are unoccupied?
- How many are rented?
- Are Windows and Doors the condominium’s or owner’s responsibility?
- Does the Condominium Corporation have or plan to have a recycling program in accordance to the City of Calgary Multi- Family Recycling Bylaw?
- Are there extra parking stalls for owners to rent? And what is the rate?
- Is there enough visitor parking? Are there restrictions?
- Is there a place to park a recreational vehicle?
- Are there any bylaw restrictions governing your use of your unit?
- How much money is in the reserve fund?
- How do the owners and board get along? Is this the kind of community you want to live in?
- How much money is in the reserve fund?
- In addition to asking how much money is in the reserve fund you should know:
- How much of your condominium contribution (fees) goes to the reserve fund?
- When the last reserve fund study, report, and plan completed?
- What major expenses are being considered in the reserve fund?
- How much money will be required to meet future reserve needs?
- How does the Board plan to raise those funds?
Ask for a copy of the reserve fund plan and the annual report. If you wish, you can also ask for a copy of the reserve fund study report (you may have to pay a fee to obtain these documents).
Obtain all the required documents and have a Review completed by a reputable experienced company.