On written request, a condominium corporation must provide a statement outlining:
- any structural deficiencies or
- problems it has knowledge of (at the time of request) in the buildings included in the condominium plan
Review this statement in conjunction with the reserve fund report and plan to see how these deficiencies will need to be addressed in the future and the potential costs of dealing with them. How will the condominium corporation cover the costs? Is there enough money in the reserve fund? Will there need to be a special assessment or increasing condominium contributions?
You should also note any deficiencies mentioned in the statement not included in the reserve fund report or plan. Also, there may be new problems since the last reserve fund study.
Talk to your lawyer or real estate agent about listed structural deficiencies and potential risks of buying the property. Consider hiring a home inspector or engineer to help you assess the benefits and risks of the property before you buy.
July 2022
