In the wake of the collapse of the Champlain Towers South building in Miami, Florida, many condominium managers and boards find themselves asking what they can do to make sure their buildings are properly maintained.
Does your condominium have a proper plan in place for reserve fund expenses? Condominium boards are often unaware that the planning you do above and beyond your reserve fund study will save time and money.
By law, condominium corporations in Ontario must obtain a comprehensive reserve fund study report, which is updated every three years. The updated studies alternate between non-site-based updates, and site-based updates where the engineer will re-visit the site to perform a visual inspection of the development.