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FAQs

Frequently Asked Questions — Alberta, Canada

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Alberta condo document review — FAQs

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Why have a document review?›
A document review analyzes the condo corporation's financial statements, reserve fund, bylaws, and meeting minutes so you understand the building's financial health and any pending issues before you own a share of it.
How do we get started?›
Contact your Alberta area representative or request a review through this site, and we'll walk you through what to send and what happens next.
How long does it take?›
Turnaround depends on the size and completeness of the document package. We work to have your report back well within a standard condition period.
How will I receive it?›
Your completed report is delivered electronically in an easy-to-read format.
Do you consult with the client?›
Yes. We're available to go over the findings with you and answer questions before, during, and after your purchase.
How do I get the documents to Condo First Review?›
Your realtor, lawyer, or the condo corporation's property manager can typically send the document package directly to us.
What documents are required?›

The following documents are required to complete a review:

  • Purchase Agreement
  • Titles to residential and any titled parking & storage units
  • MLS – Feature Sheet
  • Bylaws – Showing Registration #
  • Operating Budget – for the most recent fiscal year
  • Condo Fee Schedule – for the most recent fiscal year
  • Monthly Financial Statement – Balance Sheet, Profit & Loss, Budget Comparison (only the most recent 1 month required)
  • Year-End Financial Statement – prepared by an accountant, or Notice to Reader
  • Notice of Special Assessments – that the seller has received within the past 12 months
  • Board Meeting Minutes – most recent 12 months
  • Most Recent AGM Meeting Minutes
  • Certificate of Insurance
  • SIUD – Standard Insurable Unit Description
  • Reserve Fund Study – most recent
  • Engineers, technical, BEVA, and BECA reports – if any
  • Condominium Sheet from Spin (CAD) – most recent
  • Condominium Plan
  • Management Agreement
  • Manager's Disclosure or Information Statement – most recent
How do I find out if there is titled parking?›
This is usually confirmed in the condominium plan or bylaws — we'll flag it as part of your review. Part of the review process is to determine and confirm with the buyers the legal designation of the parking spaces (Titled vs. Assigned).
Why are condo boards having difficulty regulating their cash flow plans?›
Rising insurance, utility, and repair costs have outpaced reserve fund contributions in many corporations, and boards are sometimes reluctant to raise condo fees to keep up. A document review shows you exactly where a specific corporation stands.

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Authorization for a Document Review Service in Alberta

What to expect once you decide to move forward

Pricing

$469.00 + GST (total $492.45)

Payment of the Document Review Service serves as agreement of the Acknowledgement and understanding to proceed.

Payments are processed under CondoFirstReview Ltd.

Please note: CondoFirstReview Ltd. cannot proceed with a Review until payment and all required documents are received.
Please call Carol at 780-920-5552 or email carol@condofirstreview.com to process payment and start your review.
We accept: VisaMastercardE-Transfer

Terms of Service and Authorization

  • The authorization for the condominium document Inspection service includes the rights and interests created by CondoFirstReview Ltd. containing confidential information specifically for the Client as the intended recipient. Therefore, copying or distributing this Document Review to a third party is prohibited.
  • CondoFirstReview Ltd. cannot discuss the document review with anyone other than the Client as the intended recipient and/or an approved representative.
  • CondoFirstReview Ltd. Document Inspection Service does not include a physical inspection of the Condominium site.
  • The documents provided by the Client and/or their representative are deemed reliable are for general information purposes and therefore assume no liability or guarantee from inspection of the documents and their conclusions by CondoFirstReview Ltd.
  • The summary and comments in the review are not to be interpreted as a substitute for a legal review or viability of a purchase or opinion of value. It is recommended that the Client provide a copy of the review to their lawyer together with all other purchase/sale documents.

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