When a client buys a condo, they are not only purchasing real property, but they are also buying into a corporation with its own set of rules, bylaws and board of directors.

To provide buyers with as much information as possible about the unit, building and corporation they are buying into, it is recommended that agents request to have the condo documents disclosed during the transaction, recognize and understand the condo documents, and seek the help of experts, such as lawyers or document reviewers to review them.

Obtaining condo documents 

Under the Condominium Property Act, a condominium corporation must provide certain documents within 10 days of receiving a written request from an owner or potential buyer. The condo corporation may charge fees for document requests.

To request Registered Condominium Plans, contact CREB^® Member Support at helpdesk@creb.ca, and indicate the condo plan number (this can be derived from the Property Title).

Other condo documents can be obtained via the following resources:

• The property management company website
• Spin2
• CondoPapers
• CondoDocus Online

Understanding condo documents

A comprehensive list of required condo documents can be obtained from the Residential Resale Condominium Property Purchase Contract.

Please ensure you are aware of and understand the following commonly misunderstood condo documents:

The disclosure/information statement

• This statement includes:  

• The particulars of any action, judgement or order against the corporation, or any written demand made on the corporation of more than $5,000;
• The amount of the capital replacement reserve fund;
• The condo fees;
• Structural deficiencies; and
• Any loan disclosure statements.

The Reserve Fund Study (RFS)

• The RFS is valid for five years and covers the costs of major repairs to and replacement of the corporation’s common, managed, and real property. If there are insufficient funds available in the Reserve Fund, condo corporations can obtain the money needed for repairs/replacements through special assessments (additional charges condominium owners are required to pay on top of regular condo fees).
• A building that contains 12 units or less is not required to conduct a Reserve Fund Study, but as previously noted, it is important that all condo buildings have a Reserve Fund.

The Standard Insurable Unit Description (SIUD)

• The SIUD is a description of what the corporation’s insurance will cover. It is approved at the AGM, then registered at the Land Titles Office.
• The SIUD is registered on the Condominium Additional Plan Sheet.

Condominium Bylaws & Condominium Additional Plan Sheets (CADs)

• All condominium buyers should be aware of and understand the building's bylaws before they decide to purchase a condominium unit.
• CADs include changes to the bylaws, board members, address of the condo board, etc.

For more information about condo documents click here to watch CREB^®'s recent webinar, Condo Document Review, presented by James Lan.

Become a condo expert with CREB^®'s condo courses!

Condo Basics course
Click here to take CREB^®’s complimentary Condo Basics course at your own pace, anytime, online.

Certified Condominium Specialist course
Click here to enroll in CREB^®’s Certified Condominium Specialist course, next scheduled on June 14 to 16.