The visual guide / 01
Read across the folder
Four connections are more useful than a pile of unchecked files.
- 01
Money ↔ repairs
Financial statements beside the reserve study and plan.
- 02
Plans ↔ changes
Repair plans beside newer minutes and notices.
- 03
Rules ↔ your life
Bylaws beside your pet, rental or renovation plans.
- 04
Coverage ↔ your policy
Corporation insurance beside advice from your own insurer.
Request a complete, current package
Ask your agent and reviewer which documents are needed for this corporation and purchase. The useful package usually brings together financial statements and budget, reserve study and plan, recent meeting minutes, bylaws, insurance information and notices about major work or special levies.
Check the dates and identify missing items. A package supplied with a previous listing may be incomplete or out of date. Ask whether newer minutes, a revised budget or project information are available.
Read the finances beside the repair plans
Read the financial statements, budget, reserve study and reserve plan together. Then check newer meeting minutes and special-levy notices for changes. The most useful questions often concern a project or cost mentioned in more than one place.
For example, if the minutes discuss an elevator repair, find out whether the scope, timing and funding are explained elsewhere in the package. Ask your reviewer which information is current and what remains missing. A document's title does not tell you whether it answers the present question.
Keep a short review note: the issue, the supporting record, the unanswered question and the person responsible for obtaining an answer. This gives your agent and reviewer something concrete to follow up before the contractual deadline.
Worked example
A document can be present and still leave a gap
Bring your personal plans to the review
Tell the reviewer about a pet, planned rental, renovation, parking requirement or accessibility need. Ask where the relevant rights and restrictions are documented. Check the parking and storage description against the actual purchase.
Ask your insurer to explain your own coverage and any relevant exposure to corporation deductibles. Send material findings to your lender if they affect its property review.
Resolve the important gaps before deciding
Leave the review with the known costs, unanswered questions and the person responsible for each answer. Tell your agent about missing information before your deadline. Discuss any proposed extension or other contractual options with appropriate advice.
Alberta's condo information links to guidance on documents, reserve funds, insurance and bylaws. Use it for background and the actual corporation's package for your purchase decision.
Do not mark the package complete from file count. A folder with many old minutes can still be missing the recent meeting that discusses a major repair. Ask the reviewer to identify the periods and material updates needed.