What is a condominium document review and why is it important?
Quick Answer
Short answer: A professional reviews bylaws, financials and reserve-fund studies to flag red-flags before you waive conditions.
Detailed Explanation
Alberta's Condominium Property Act grants buyers the right to inspect key docs: bylaws, budget, reserve-fund plan, insurance certificate and meeting minutes. A paid reviewer (≈ $300) summarizes the corporation's financial health, bylaw restrictions (pets, rentals) and any pending special assessments.
Skipping the review risks surprise levies or rule conflicts post-purchase.
- Reserve-fund study should be ≤ 5 years old
- High arrears or low reserves signal potential problems
- Rental/pet restrictions vary widely between buildings
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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