Condominiums: What is a reserve fund, and why should you care?

Condominiums: What is a reserve fund, and why should you care?

When you buy a condominium one of the things that you (or usually your representatives) look into is whether or not the condo corporation has a healthy reserve fund.

When you buy a condo unit, the vendor has to order what is referred to as an "estoppel certificate". This will outline the status of the fees for your specific unit, but it will also give you details about the reserve fund of the corporation.

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Buying a Condo in Nova Scotia? Here's why you need an estoppel certificate.

Buying a Condo in Nova Scotia? Here's why you need an estoppel certificate.

When you are buying a home in Nova Scotia there are a lot of moving parts to the process. When you are buying a condominium, often you can count on adding a few more. One of the requirements specific to purchasing a condo unit is getting your hands on the estoppel certificate. It’s important to understand why you need one.

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