Who Can Provide Reserve Fund Studies?
Written By Tim Beattie, P.Eng.
By now, just about everyone involved with condominiums has heard of the new Condominium Act. Even those remotely involved with the industry have likely been to a seminar or read articles about how it is going to change their life when it becomes the document that governs the way we deal with condominiums.
Although much could be said regarding the tremendous effort that went into revising the previous Act, it can be summarized that the result generally codifies procedures adapted by more insightful participants in the industry, based on their experiences working with the old Act.
Further Outside Interference
Not all owners may be pleased with what might be perceived as change or as further outside interference. However, just as seat belt legislation had to be introduced for the safety of the non-believers, this new Act should improve everything from day-to-day living and planning to the purchase and re-sale of condominium residences.
Just like seat belts, we are sure that the new Act will be incorporated into the everyday routines of those involved with condominiums.
Reserve Fund Planning. Both Acts require reserve funds to be established to facilitate major repair and/or replacement of the condominium’s common elements. One very important aspect of the new Act is its clarification of issues related to planning associated with reserve funds.