At ARIVL, we get it—buying or selling a condo in Alberta is exciting, but also a significant financial decision. One crucial step? Reviewing your condo documents. Think of them as the blueprint for your investment. Here’s what you need to know.
What Exactly Are Condo Documents?
When you buy a condo, you’re investing in more than just your unit—you’re becoming a co-owner of the entire property and corporation. Condo documents reveal the financial health, management practices, rules, and future plans of your building. It’s essential info that ensures no surprises pop up down the road.
Our Role at ARIVL
We’re here to guide you every step of the way. While we can help gather and organize your condo documents, it’s important to note that legally, we can’t interpret or guarantee the contents. For a detailed review, we recommend hiring specialized professionals or speaking with your lawyer.
Who Should Review Condo Documents?
- Yourself: Dive in personally if details are your jam!
- Professional Condo Document Reviewer: Expert insights made simple.
- Your Lawyer: Many lawyers offer document reviews as part of their services.
Recommended Professional Reviewers:
- Condo First Review
📞 780-920-5552 | ✉️ carol@condofirstreview.com - Condominium Documents Inspection Centre (CDIC)
📞 403-228-6770 | ✉️ nina@cdicinspections.com - Condo Check
📞 403-509-2250 | ✉️ intake@condo-check.com
Absolutely! Here’s the expanded section for “What You’ll Learn” tailored for newer condo buyers and sellers. It still keeps a friendly, approachable tone and gives practical, real-world insight into each document—perfect for ARIVL’s blog audience.
What’s in a Typical Condo Document Package? (And What You’ll Actually Learn)
Here’s a breakdown of the key documents you’ll receive—and what they tell you about your future (or current) condo investment:
| Document | What You’ll Learn | Validity |
|---|---|---|
| Information Statement | This is the cheat sheet for your unit. It tells you what your monthly condo fees are, whether there are any upcoming special assessments (aka surprise costs), if the condo corp is being sued, and whether the reserve fund is healthy. It’s one of the most important docs you’ll review. | ~1 month |
| Insurance Certificate | Learn what the building’s insurance covers (usually the common areas) and what’s not included—meaning what you’ll need personal condo insurance for. You’ll also find the deductible amounts, which can affect your out-of-pocket costs if something goes wrong. | Must be current |
| Management Agreement | This explains who runs the building day-to-day, what their responsibilities are, and how much they’re being paid. It gives you insight into whether the condo board is outsourcing wisely or overspending. | Must be current |
| Meeting Minutes | Real talk from the board. You’ll see what owners are complaining about, how the board responds, whether repairs are being done, and how financially proactive they are. Are they discussing repairs before they become problems—or always reacting last-minute? | Past 12 months |
| AGM Minutes | Once a year, the entire ownership meets to review finances and elect the board. These minutes tell you about big projects, financial decisions, and how engaged other owners are. Low attendance or disorganization here might be a red flag. | Most recent available |
| Year-End Financials | Like a report card for the condo corp’s money. You’ll see what they own, what they owe, how much is in the reserve fund, and whether they’re budgeting properly. It helps you understand if the condo is being run like a well-oiled machine—or not. | Within 1 year |
| Monthly Financials | A recent snapshot of the corporation’s cash flow. Useful for spotting short-term issues, like missed payments or overages on maintenance costs. Think of it as a pulse check. | ~1 month |
| Annual Budget | This shows the corporation’s expected costs for the year—utilities, snow removal, landscaping, repairs, and more. It tells you if condo fees might go up soon, and whether the corp is managing costs wisely. | Current year |
| Reserve Fund Study | A big one! It’s a technical report from an engineer showing the condition of the building and when major components (roof, windows, parkade, etc.) will need replacing. It helps determine if the reserve fund is enough—or if a special assessment is coming. | Every 5 years |
| Bylaws | These are the rules everyone in the building has to follow. You’ll learn about pet restrictions, age limits, smoking rules, noise, renovation policies, and what you can or can’t do with your unit. It also lays out how the board runs and how votes work. | Living document |
| Survey Plan | A detailed layout showing the building, common areas, your unit, titled parking stalls, and any storage. Super helpful for knowing exactly what you own and where it’s located. | As registered |
| SUID (Standard Unit Description) | This outlines what’s considered part of the “standard unit” for insurance purposes—important when determining what the condo corporation insures vs. what your personal policy should cover (like upgraded floors or countertops). | As registered |
| Recreation/Amenities Agreements | If the building has things like a gym, pool, or rooftop patio, this will outline who maintains them, any user rules, and whether there are additional costs. | As required |
What If Something’s Missing?
No worries! ARIVL will proactively coordinate with sellers and property managers to fill any gaps, keeping you informed every step of the way.
Next Steps
Ready to dive deeper into your condo docs? Whether reviewing yourself or seeking expert advice, ARIVL is here to help. Reach out anytime—your real estate adventure awaits!
