Condominiums are legal not-for-profit corporations in the Province of Alberta. As an owner you are or will be part owner of that corporation. As an owner or share holder you own a portion of this business and have a right, actually an obligation, to take an active part in your business.

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The daily operation of the corporation is handled by the elected Board of Directors, who can assign some of their duties to a Professional Condominium Manager

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When you signed the Offer To Purchase (OTP) that you completed with your Realtor, you agreed to review all the documents that would be provided to you regarding the condominium corporation in which you were purchasing your home. You could receive between 150 and 400 pages of information. This is when many condominium purchasers hire a specialist to review all the documents and provide a report prior to removing the conditions on the OTP.

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Our report will include a ist of the documents that have been asked for and which of those have been received. There are 8 sections to our written report:

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1. Executive Summary - a quick read that summarizes our findings.

2. Bylaws, Rules (Policies) - A review of the bylaws include comments on all pertinent sections of the bylaws, with particular attention to the Owner's Responsibilities, the Corporation's responsibilities, Insurance Coverage, restrictions such as pet, age, short-term rental, operating a business, lease requirements and anything that may affect your use and enjoyment of your property.

3. Financials - Review the monthly financial report, the yearly audited report and compare that to the recommendations made in the Reserve Fund Report & Plan.

4. Insurance - Is the corporation's insurance coverage sufficient? Who is responsible for deductible? What should owners insurance cover?

5. Board Meeting Minutes - Review all minutes that are received.

6. AGM Minutes - Usually only 'Draft Minutes' are received and reviewed.

7. Reserve Fund Report - This is a report completed by a qualified Report Provider that assists the corporation in funding major repairs and projects.

8. Any other reports that are received.

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The documents are usually gathered by the Seller and given to the Seller's Realtor who in turn gives them to your Realtor. With your approval, your Realtor will forward the documents to us for review.

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Our report is sent to you along with an electronic version of all documents that we have received, usually within 4 or 5 business days of receiving all requested documents, or as many as can be provided to do a meaningful report.