This marks another excerpt from the Ontario Governments web-site publications on this new act and what it means. This segment deals with Reserve Funds. To read the entire article, please click on the link at the bottom of this article.
So you have made the decision to purchase a condo, and beyond the traditional excitement and anxiety that comes with any major life change, there are some fundamental aspects that you must understand before signing on the bottom line, specifically the financial condition of the condo corporation, with regard to the reserve fund.
The Condominium Act requires that the corporation maintain a separate fund to be used solely for the purpose of paying for the major repair and replacement of the common elements and assets of the corporation. Depending on the building, this can include exterior wall claddings, roofing, windows, doors, heating and cooling systems, site elements including roads, sewers, even playground equipment.