The purpose of the Reserve Fund Study is to prepare a report detailing the forecasted short, medium and long term expenses in order to finance the replacement work and major renovations to maintain the integrity of the building and its main components.
The work essentially consists of inspecting and evaluating the status of the systems and common areas of the property, as regards both the external envelope (walls, windows, balconies, roof, etc.), the exposed structural components, mechanical and electrical equipment, as well as movable belongings of the co-ownership syndicate.
The term of the Reserve Fund Study comprises the following steps:
Interviews with officials in order to make a review of the building and specific problems’ history;
Review of plans and specifications available on site;
Visual inspection and evaluation of lifespans for every systems and common equipment of the building, including the building envelope, the structure, mechanical and electrical equipment, indoor finishes and outdoor features (landscaping);
Establishment of an inventory of common use systems and equipment.
Report writing which describes the status of every building’s systems (Building Condition Survey). The budgetary cost estimates for replacement or major maintenance are presented in appendix in the form of detailed tables, which allows the computation of the required annual contribution. Regarding the graph, it gives the opportunity to visualize the evolution of the Reserve Fund for the next 25 years.
Note: The Civil Code of Québec requires from all syndicate of a condominium the establishment of such a fund.
St-Pierre & Associés
9001, boul. de l'Acadie, suite 602
Montréal (Québec) H4N 3H7