THE FIN PRINT Your Deposits are protected: •
All the deposits go in trust to our lawyers (Nelligan O’Brien) with Deposit Protection (Direct from Tarion)
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any deposit amounts are protected by the trust
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Janitorial services
*See your disclosure statement for full details
Reserve Fund: •
The Ontario Condominium Act requires that a
provisions of the Condominium Act
draft condominium budget set aside a minimum of
Any monies received with respect to reserving
10% of the operating costs toward reserve funding
a right to enter into an APS for the purchase of
for future capital replacement in the building. eQ
a proposed unit (i.e. pursuant to a Reservation
Homes has established a more precise method
Agreement) and on account of an Agreement of
of meeting this obligation. An engineering firm
Purchase and Sale for a proposed unit will be held
was retained to complete a pre-construction
in a trust account in Ontario by the Declarant’s
Reserve Fund Study using the existing plan and
solicitor or a Trustee of a prescribed class
the construction specifications. The result is that
“Any monies” includes deposits and payments on
the amount of money set aside for reserve funding
account of upgrades
in your draft budget is over 30%. This is far better
Within 10 days of payment of the monies, the
representation of the true costs over time, based
Purchaser is to be provided with written evidence
on current trends and past experience.
and details of the monies held in trust •
Snow removal and landscaping
Deposits paid for condominium units are protected by Tarion up to a maximum of $20,000 and
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By way of background, the reserve fund is
The monies cannot be released until the purchase
an amount that is reasonably expected to
or sale transaction has been completed or until
provide sufficient funds for the major repair and
alternate security is provided
replacement of the common elements. The actual
Note: This applies to “proposed units” only. Once
Reserve Fund Study document is composed of a
a condominium has been declared and the unit
background assessment that describes the timeline
exists (i.e. no longer proposed), the Vendor/
for replacement of common elements and includes
Declarant can hold the deposits.
a spreadsheet describing estimated payments and expenditures. Your pre-construction Reserve Fund
Independent Expenses: •
Electricity, Water and Gas will be billed to
Study also follows this configuration. •
A final Reserve Fund Study will be commissioned
you based on consumption recorded by your
by the Condo Board within a year of registration.
applicable individual meters
This updated document will be done by an
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Content and Liability Insurance
engineering firm, chosen by the Board of Directors.
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Cable, phone and internet cost. (See agent to learn
The chosen engineering firm provides guidance for
about packages offered by suppliers).
your Board of Directors on the proper planning for
Property taxes
reserve fund amounts and replacement timing. The
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reserve fund process is designed to help protect Monthly Condominium Fee Expenses*: •
Building insurance
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Reserve fund contribution
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Upkeep of common areas
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Water, Heating & Air Conditioning of common areas
your asset as a condominium owner. Peace of Mind with Tarion: •
Your condo is covered under Tarion Warranty
