A Reminder About Reserve Funds and Status Certificates
If a condominium corporation is aware of any circumstances that may result in an increase in the common expenses (that is, an increase beyond inflation), this must be disclosed in Paragraph 12 of the status certificates. Therefore, something may need to be mentioned in Paragraph 12 of the status certificates if it appears that contributions to the reserve fund may need to increase (beyond inflation). Read the article………….
The situation is usually something like the following: Mr. Jones decides to buy a residential unit in a high-rise from
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