Document review
What Red Deer condo documents should answer.
Documents tell the story listing photos cannot: whether the corporation is funded, organized, insured, and realistic about future repairs.
Documents to request
- Bylaws and rules
- Reserve fund study and plan
- Financial statements and budget
- Board and AGM minutes
- Insurance certificate and deductible summary
- Management agreement
- Special assessment notices
- Post-tension, envelope, roof, balcony, and mechanical reports if applicable
Red flags worth slowing down for
- No recent reserve fund study
- Large insurance deductible increases
- Repeated owner arrears
- Major repairs discussed without funding plan
- Unclear pet or rental restriction wording
- Condo fee changes that are not explained by the budget