The seller needs to provide the following documents to the buyer before conditions can be waived:

  1. Copy of bylaws of the corporation
  2. Copy of the most recent financial statements of the corporation
  3. Copy of the budget of the corporation
  4. Statement setting out amount of monthly contributions and basis on which that amount is determined
  5. Copy of minutes of a general meeting of the corporation/board for past 12mths
  6. Copy of the insurance certificate
  7. Copy of any lease/exclusive use agreement with respect to the possession of a portion of common property, including parking stall or storage unit
  8. Particulars of, or copy of, any subsisting management agreement
  9. Particulars of, or copy of, any subsisting recreational agreement
  10. Statement setting out structural deficiencies of which the corporation is aware
  11. Statement setting out the amount of the capital replacement reserve fund
  12. Copy of the most recent reserve fund report
  13. Copy of the most recent reserve fund plan
  14. Particulars of any post tensioned cables located anywhere on/within the
  15. Statement setting out amount of any contributions due and payable in respect
  16. Particulars of any action commenced against and served on the corporation
  17. Particulars of any unsatisfied judgment or order for which the corporation is liable
  18. Particulars of any written demand made on the corporation for an excess amount

 

It is very important to review these documents carefully. To assist you with this process, you may wish to contact one of the following professional condo document review companies:

 

Condo Max Inc.
J. J. Coates
Ph: 403-815-8220
jj@condomax.info

 

Condo Check
Sandy Watson-Bonhert
Ph: 403-454-6034
info@condo-check.com