General Description of who we are and services we offer Use Our Gold Service Quotation Handy Forms and Links REALTORS WANTED! Receive referrals and assist our Clients with their transactions! Contact Us HomesLawyer.com default page HomesLawyer.com site map
Buyers` Legal Basics First-Time Buyers Newly Built Homes Mortgage Basics Condominium Buyers Sellers' Legal Basics
Use Our Gold Service Quotation
Land Transfer Tax Calculator
Free Parking
Free Status Review
Free Agreement Review
Free Power of Attorney
Free Will Review
Electronic Registrations
Automatic Title Insurance
Evening & Weekend
  Appointments

  Family Law
  Wills
  Business Law
  Litigation


Other Legal Services
 

Reserve Fund

What Is It?

A reserve fund is a pool of money collected and invested by the condo corporation to be used for major capital costs and repairs to the condominium as and when needed (e.g. repairing balconies, replacing the roof, repairing the underground garage, etc.).  Prior to the new Condominium Act, condo corporations had to contribute at least 10% of monthly common expenses paid by owners to a reserve fund.  Under the new Condominium Act, these contributions must still be made until the condo corporation prepares a reserve fund study, which must be done by May 2004.

Reserve Fund Study

This is a professional evaluation and report of the remaining life expectancy of each part of your building, the estimated replacement costs, and a plan for ensuring that the reserve fund be sufficient through recommended appropriate contributions from common expenses or otherwise.  These studies must be updated at least every three years.  After a study is conducted, your board of directors must propose and implement a plan to finance the reserve fund.  The financing plan must achieve a sufficient fund level to satisfy the findings of the reserve fund study within 10 years from the first reserve fund study done between May 2001 and May 2004.

 
 




previous | next | print article



 
| February 23, 2004 |
CMHC Makes Finding Down Payments Much Easier
As of March 1, 2004, home buyers will have a wider choice in what they can use for a down payment. [more...]

| February 1, 2004 |
HomesLawyer.com Moves to Larger Offices
As of February 1, 2004, HomesLawyer.com has moved to new and larger offices to meet the growing needs of our clients. [more...]

| November 15, 2003 |
Housing Starts Up Again
The seasonally adjusted rate of housing starts rose in October 2003 to the second highest monthly level in 12 years, as reported by the Canada Mortgage and Housing Corporation (“CMHC”). [more...]

| read our archive |
 

Let Homeslawyer.com
keep you up to date
about our new articles, events, special offers and discounts. Subscribe now!

 
 

subscribe  
unsubscribe  

   
 
    Profile | Free Quote | Handy Forms & Links | For Relators | Contact Us    
Buyers' Legal Basics | First-time Buyers | Newly Built Houses | Mortgage Basics | Condominium Buyers | Sellers' Legal Basics

© 2014 Homeslawyer.com
a division of DoAble Solutions Inc. and an affiliate of Zeidman Law Offices
By viewing pages on this site, you agree to our terms of use