Obtaining Reserve Fund Studies Edmonton Reports

16 Jul

The year 2000, saw new legislation introduced for Alberta condominium owners and developers.  The new rules went into effect September 1, 2000, after extensive consultation involving condominium owners, developers, condominium professionals and Alberta Government Services.  “The new legislation strikes a balance between the best interests of consumers and owners and the needs of developers by resolving some outstanding issues that had existed,” stated Government Services Minister Patricia Nelson.  What does this mean for condominium owners and developers in Edmonton?

•    Mandatory capital replacement reserve funds to provide for major repairs;
•    Greater disclosure requirements for developers when in discussion with owners and buyers;
•    Recognition of mediation and arbitration to resolve disputes other than court action; and
•    New rules and requirements for developers of phased condominium projects.

This article will focus on the first point.  The new regulations mean that reserve fund studies Edmonton reports are mandatory.

There are several steps involved in obtaining reserve fund studies Edmonton reports.  These steps are as follows:

•    Initial contact:  Contact reserve fund studies Edmonton providers by finding their listing online or in a directory.  The Canadian Condominium Institute (CCI) has a directory of providers that are also CCI members.

•    Fill out a form:  Information must be gathered by the provider to start the report.  A form will be issued.  Fill out the form with as much detail as possible and do not leave any of the spaces blank.

•    Review and approve quote: reserve fund studies Edmonton providers use the form to generate a quote.  Review your quote carefully and ask about anything on the quote you do not understand. Once the condominium board approves the quote, it is signed and returned to the study provider.

•    Take off:  Take off is the term used by reserve fund studies Edmonton providers to describe the initial review of the condominium.  Take off involves measuring the building and counting components such as windows and doors.  At this stage, roofers, mechanical and/or electrical consultants can also be involved.  All inspectors compile their findings and send them to the study provider.

•    Compilation:  The study provider reviews their data along with data sent by other resources (roofers, mechanical engineers, etc.) and compiles it into a report.  Many providers ask another provider within their company to look over their report in a process known as a peer review.  The peer review allows a fresh set of eyes to catch any inconsistencies or errors before the report is sent to the client.

•    Issuance of draft:  A draft copy of the report is sent to the client along with the invoice for the services provided and a meeting with the condominium board is scheduled.  The study provider attends the meeting to address questions and to take notes on changes requested to the report.  Changes are at the discretion of the provider to ensure they comply with mandatory legislation.

•    Final report:  Once the changes are incorporated, and payment is received the final report is issued.

Obtaining reserve fund studies Edmonton reports can be a lengthy process.  It can take between six to eight months from the time the quote is approved to the time the takeoff begins.  The price for reports varies considerably as price is affected by the components that require review, condominium location and age, the number of buildings in the complex, the availability of as-built drawings, etc.

Reserve fund studies Edmonton reports allow for more transparency between the owners and sellers.  They provide a solid plan to fund capital replacement projects and ensure the safety and longevity of the building.  This is legislation that works in favour of all involved in the construction, sale, and resale of condominium units and buildings.

Contact us if you are looking for experienced reserve fund studies Edmonton providers. We have developed a solid reputation in the building services industry for providing professional, independent and objective engineering consulting services to commercial, institutional, industrial, and multi-unit residential clients.  Our highly experienced team is dedicated to assisting clients in reducing operating and capital replacement costs and ultimately protecting the value of our client’s assets.

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