Condominiums must establish a reserve fund, in accordance with the Condominium Act, to provide for future repairs and replacement of the common elements.
The goal of the reserve fund study (RFS) is to establish and periodically update the expected time distribution and level of expenses for repairing and replacing these elements.
The information is then used to recommend a course of action with respect to the ongoing financial contribution made to the reserve fund by the owners, so that they will be financially prepared for the expenses as they arise.
What FSA will do for you:
- Review drawings, specifications, warranties, by-laws, declarations, and any existing reports
- Visual review of buildings and site
- Interviews with unit owners and in-suite reviews
- Estimate of repair and replacement costs
- Financial analysis of reserve fund