Condominium Documents & Management Companies

Some of the questions that we have received by emails in the past few months were about condo docs.  Most condo association are managed by  a professional management company who will provide the condo docs to the seller upon request.  In majority of cases, the seller has to pay for the docs and it may take up to 10 business days to receive the complete package.  Some condo boards offer the docs for free on line on their website or via internet portal like GeniePad, but you have to be an owner in order to gain access to them.  As you will see below is the list of condo documents as per Alberta Real Estate Association that majority of the companies will provide:

(1) a statement setting out the amount of any contributions due and payable in respect of the unit

(2) the particulars of: i. any action commenced against the corporation and served on the corporation ii. any unsatisfied judgment or order for which the corporation is liable iii. any written demand made on the corporation for an amount in excess of $5,000 that, if not met, may result in an action being brought against the corporation

(3) the particulars of, or a copy of, any subsisting management agreement

(4) the particulars of, or a copy of, any subsisting recreational agreement

(5) the particulars of any post tension cables located anywhere on or within the property that is included in the condominium plan

(6) a copy of the budget of the corporation

(7) a copy of the most recent financial statements, if any, of the corporation, including the most recent year-end and month-end statements

(8) a copy of the bylaws of the corporation

(9) a copy of the most recent approved and most recent draft minutes of the annual general meeting

(10) a copy of the minutes and draft minutes of meetings of the board of directors of the corporation for not less than the past 12 months

(11) a statement setting out the amount of the capital replacement reserve fund

(12) a copy of the reserve fund report

(13) a copy of the reserve fund plan

(14) a statement setting out the amount of the monthly contribution (commonly referred to as condominium fee) and the basis on which that amount was determined

(15) a statement setting out any structural deficiencies that the corporation has knowledge of, at the time of the request, in any of the buildings that are included in the condominium plan

(16) a copy of any lease agreement or exclusive use agreement with respect to the possession of a portion of the common property, including a parking stall or storage space

(17) a copy of the registered condominium plan

(18) a copy of the condominium additional plan sheet certificate (CADS) (19) a copy of the insurance certificate

20) the amount of any homeowner association fee

(21) a copy of any proposed special resolution awaiting a vote

(22) a copy of any special resolution that has been passed but not yet implemented

(23) a copy of any easement, covenants and restrictions (ECR) agreement

(24) a copy of any other building or site report such as a building assessment report, building envelope report, geotechnical report, technical audit, performance audit

Note: It is important that you obtain advise from a realtor or a lawyer regarding the standards and rules regarding the condo docs.