Glossary
Red Deer condo glossary.
Plain-English definitions for the terms that show up in condo documents, offers, and listing conversations.
| Term | Meaning |
|---|---|
| Reserve fund study | A professional forecast of major common-property repairs and replacement costs. |
| Reserve fund plan | The corporation's plan for how reserve fund contributions will pay for projected repairs. |
| Special assessment | An additional owner charge used when regular funds are not enough for a project or obligation. |
| Unit factor | The share used to divide certain condo costs and voting interests among units. |
| Exclusive use | Common property an owner is allowed to use, such as a stall, balcony, or storage area. |
| Bare land condo | A condominium structure where the land parcel is the unit and owners often carry more exterior responsibility. |
| Estoppel certificate | A document confirming key account and corporation details, often used in a sale. |
| Condo document condition | An offer condition allowing buyer review of condominium documents before committing. |