Frequently Asked Questions — British Columbia, Canada

The review is a complete analysis of the Depreciating Report & Contingency Reserve Fund that provides an informative assessment of the following: the adequacy of Strata/Condo Maintenance Fee contributions to the Contingency Reserve Fund Plan, and the adequacy of the Contingency Reserve Fund Balance and the potential of any ongoing issues that may require a future "Special Levy" or "Loans" or "Increases in Strata Fees" the buyer may be responsible for.

Press the Order our Service Online button at the top of the page and complete the Terms of Service for Payment. Forward the documents from your files or Management Company to us at carol@condofirstreview.com. When all the documents are received our team will begin the process. The Review will be completed within 3-4 business days. The completed Review is emailed to you and your Real Estate Agent. The Review is set up in "easy to read" format which includes an update of all important issues — we do encourage the client to contact us if they have any additional questions or concerns. Please call Carol at 780-920-5552 or email carol@condofirstreview.com for any questions you may have.

We require 3-4 business days from the time we receive all the documents.Draft placeholder — the live site's answer appears to cut off mid-sentence here ("...obtain missing or updated documents from the management compan"); confirm the full wording before publishing.

We email the Review to you and anyone else that you may choose to receive a copy. Read it anywhere anytime in your own setting and at your convenience. A copy of the Review will also be emailed to anyone else that you may choose.

Yes, after you have received the review and all the documents and have inspected them, we ask that you read the Document Review Analysis portion of the Review and contact David by phone at 780-975-5715 between 10am and 8pm 7 days a week. You can also email David at david@condofirstreview.com with any questions.

You can have the documents emailed to carol@condofirstreview.com.

The following is an outline of the required Strata/Condominium documents to be ordered to complete a review by CondoFirstReview. Strata/Condominium Document List for Review of Resale Condominiums:

• Offer to Purchase Contract
• MLS Feature Sheet
• Full year Strata Council Meeting Minutes
• Annual/Special General Meetings
• Information Certificate - Form "B" and attachments
• Operating Budget for the Year
• Depreciating Report & Contingency Reserve Fund Plan
• Current Registered Bylaws
• Year End Audited or Un-Audited Financial Statement
• Current Balance Sheet
• Copy of Registered Strata Plan
• Schedule of Entitlement
• Insurance Certificate
• Management Contract
• Special Levy/Assessment (if any)
• Statement of Claim (if any)
• Information Additional Fees (if any)
• Building Warranties (if any)
• Occupancy/Final Inspection Permits (if any)
• Parking/Storage Agreements (if any)
• Engineers/Tech Audit Reports (if any)
• Newsletters

We value your privacy. Any information collected by Condo First Review Ltd. is not disclosed or distributed without written consent from the client. Our area Representatives do not have access to any documents sent, all documents are sent directly to our Data Center. All documents and information collected is processed and reviewed exclusively by our Document Review Consultants at our Data Center.

In British Columbia, a Contingency Reserve Fund Study is required every 3 years according to the Strata Property Act. But what happens over the next years when expenses can cost more and or deferred for later dates or years? Or not raising contributions when required?

Adjustments are necessary if this is not regularly planned. Over time the Strata Corporation can easily loose track over the coming years. When this happens, this can cause shortfall of funds in Reserves and or increases in costs on deferred expenses that can end up with large unexpected Strata/Condo Fee increases and or Special Assessments.

These issues are the responsibility of the Strata Council to inform Owners and potential Buyers with the most recent up to date information in Reserves and ongoing Expenses that will give confidence that the Corporation is run well.

This all can be very confusing and disappointing for Buyers who base their decisions on reviewing the Strata Documents and surprising for the Owners thinking the Corporation has been well run?

The Strata Council consists of Owners who may not have all the skills of operating a Corporation and therefore managing may be based on their personal financial decisions rather than the decisions required to run a business as a Corporation.

In most cases Owners are unaware of the financial position of the Strata Corporations health. This includes Management Companies who may not be well advised or connected to the Corporations financial standing either by having lack of information or simply their contract did not require their service for day to day Operations and or Capital Expenses.

However, Condo First Review Ltd. has developed a Contingency Reserve Fund Study Cash Flow Plan that can be easily integrated and adjustable in their budgeting. The program includes setting up the system with training and ongoing coaching for the Strata Council. It is cost effective and will save Council many hours of time and management.

We would love to hear from you if you have any questions. Contact Carol direct at 780-920-5552 or email carol@condofirstreview.com