Condominium purchases and sales are quite a bit more complex then transactions involving houses or duplexes.  This is because a purchaser of a condominium is not only buying an interest in real estate, they are also purchasing shares in a corporation, the owners of which are each of the owners of the condominium project.

There are a number of documents which the Condominium Property Act of Alberta requires to be given to a purchaser, including:
    • Reserve Fund Study;
    • Budget;
    • Condominium By-Laws;
    • Copy of the Condominium Plan;
    • Copy of any proposed Recreational Facilities Agreement;
    • Copy of a Management Agreement or a Proposed Management Agreement;
    • Copy of the Minutes of the most recent meeting of the Board of Directors.

Due to the relatively small number of condominium consultants, most condominium consultants are very familiar with the management and management style of most of the condominium projects in Calgary.  Their knowledge would be gained through previous review of the condominium documents for these projects as well as speaking to developers, Realtors, buys and sellers of condominiums.

Often the information which the condominium consultants have is not information which is apparent from  a review of the usual condominium documents; rather, this information is gained through various discussions passed along by “word of mouth.”  Thus, a professional condominium consultant will often know if a condominium project is being particularly well managed either by a professional management company or by the directors themselves.  This information can be invaluable to a potential purchaser.

Every condominium project in Alberta must now have a Reserve Fund Study completed on a regular basis by a professional condominium consultant.  In a course of carrying out the Reserve Fund Study, these professional condominium consultants will gain a great deal of knowledge and information regarding condominium projects, whether they are new projects or older projects.  Most often, this information is not available to, or known by most real estate lawyers.

The cost of a professional condominium document review is usually in the range of $350.00.

This is money well spent, since any condominium buyer needs to know the “state of management” of the building that the buyer is moving into.