TagsContingency Fund Reports, DIY Home Maintenance, Spring Home Maintenance

Condo Owners Must Ask Their Strata Council for Their Depreciation Reports

As of the end of 2013, all strata councils are now required the provide property owners and future buyers detailed information through depreciation reports. They reports highlight the areas that you are responsible for as an owner of your property. However, the real purpose of the depreciation reports is give your strata council a full…

TagsContingency Fund Reports, Home Inspector, Home Maintenance

Strata Council Duties to Strata Property Owners

Contingency Reserve Funds and Special Levies 1. What is the Contingency Reserve Fund? Strata corporations must have a contingency reserve fund (“CRF”) to pay for common expenses that usually occur less often than once a year; or do not usually occur. The contributions from strata owners to the CRF should be included in every budget approved at…

TagsAvoiding Costly Home Repairs, Contingency Fund Reports, Contingency Reserve Fund

The Importance of Contingency Reserve Funds

New legislation requiring all strata councils to prepare reserve fund reports by licensed reserve fund analysts is well in effect. What are reserve fund reports? Reserve fund reports, also known as contingency fund reports, are the 30 year reports planning the maintenance and renewal costs for a strata complex. What are the reserve fund reports…