Buchan, Lawton, Parent Ltd prepares reserve fund studies for Condominiums, Co-operatives and multi-owner facilities. Our reserve fund studies are carried out in accordance with the current requirements of Section 94 of the Condominium Act, 1998.
We undertake all classes of reserve fund studies including:
Class 1: comprehensive study (the first reserve fund study for a condominium).
Class 2: updated study based on a site inspection (effectively the same as a comprehensive study).
Class 3: updated study not based on a site inspection.
For a Class 1 or 2 study, the work requires a review and visual assessment of the common elements of the Condominium to identify both immediate and long-term capital replacement requirements. The observations and recommendations from the site review constitute valuable information from which the Board of Directors can create a work plan.
The reserve fund method of financing long-term repairs spreads repair costs between current and future owners of the Condominium. Buchan, Lawton, Parent Ltd develops a reserve fund strategy that distributes the owners’ contributions equitably over a 30-year period as required by the current Condominium Act.
The report produced by Buchan, Lawton, Parent Ltd is a key component in helping the Board and managers of the Condominium make effective management decisions. The report includes the findings of the building condition assessment, as well as, spread sheets summarizing repair/ replacement items, their associated costs and timing over the first ten years and over the 30-year period of the study.