As of January 1, 2020, a number of new Edmonton condo regulations come into effect. Whether you are buying or selling, you’ll want to understand how these regulations affect your next condominium transaction.
The standardization of fees for owners to request condo documentation has been a welcomed site for many condo owners.
Estoppel Certificate $200
Information Statement $100
Supplemental documents $10/document OR $0.25/page if hardcopy and over 40 pages
There are also new standardized fees for ‘rush service’ when documents are needed within 3 days.
Estoppel Certificate – Up to $100 rush fee
Information Statement – up to $50 rush fee
Supplemental documents – up to $20 rush fee per document
Condo Corporations can now retain information in electronic format as long as the electronic copy is complete, entirely legible, and is capable of being reproduced electronically as well as into hard copy. These electronic format documents can be considered the original document.
Documents Free of Charge
Now certain documents will be provided free of charge to all owners.
No less the 14 days PRIOR to an AGM
20.52(1)(e) – A copy of the budget of the corporation via written notice
20.52(1)(f) – A copy of the annual financial statements of the corporation via written notice
20.52(1)(q) – Copies of reserve fund plans, reserve fund reports, and annual reports via written notice
Within 60 days AFTER an AGM
20.52(1)(l) – The text of written ordinary and special resolutions voted on by the corporation and the results of the voting on those resolutions, other than the results of a vote conducted by a show of hands via approved or draft minutes
No less than 30 Days PRIOR to a change of status
20.52(1)(k) – A consolidation of all the rules made by the corporation under section 32.1 of the Actvia common area posting or written notice no less than 30 days before the change takes place.
Note: Applicable only to rules being added, removed, or amended
Exception: Temporary rules may come into effect immediately for safety/security purposes
Within 30 Days AFTER a change of status
20.52(1)(n) – Copies of insurance certificates held by the corporation via written notice within 30 days of the change
20.52(1)(o) – The current standard insurable unit description for the residential units or classes of residential units via written notice within 30 days of the change
20.52(1)(p) – The current standard insurable unit description for the residential units or classes of residential units via written notice within 30 days of the change
Arm’s Length Providers
Condo Corporations and Managers can still use third parties to provide Information Statement or Supplemental documents, however the party must be arm’s length and cannot share any portion of their fee to the corporation, manager, or an employee of either.
Keeping Your Documents Organized
As a condo owner, I suggest keeping a binder so that every time you receive a document, you place it in the binder. That way, when it comes time to sell, you have all your documentation ready and can minimize the costs you’ll have for providing documents to your prospective buyer.
PS. You can get more information, you can view the Government of Alberta’s Condominium Rules Consultation website: https://www.alberta.ca/condominium-consultation.aspx
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