Means a building assessment report (for conversions), which outlines any deficiencies with a building. The developer must provide this document to the purchaser of a conversion unit. Developers must arrange for the preparation of the CPR by a professional engineer or registered architect for:
- the corporation’s real and personal property
- the common property and
- managed property
Developers must enter into an arm’s length contract — meaning they are independent and unrelated — with a professional engineer or registered architect to prepare this study.
