Condo Reserve Fund Too Low
Hello Everyone
I am a first time home buyer.
I made an offer to buy a condo and everything looked fine until the status certificate came back. This building in Waterloo was completed in December 2016. It consists of two towers with a total of 185 condo units. I was surprised to see that the reserve fund at the moment is only $18 (next to nothing).
In August 2019, a reserve fund study was completed and it was recommended that the reserve fund should be at $169100 at the end of the current fiscal year (2020). However, at the beginning of the year, the balance was $8891 but now it is at $18. I am not sure why they made this withdrawal. (Fiscal year end for the corporation is August 31)
Are these issues I should be concerned about?
I am a first time home buyer.
I made an offer to buy a condo and everything looked fine until the status certificate came back. This building in Waterloo was completed in December 2016. It consists of two towers with a total of 185 condo units. I was surprised to see that the reserve fund at the moment is only $18 (next to nothing).
In August 2019, a reserve fund study was completed and it was recommended that the reserve fund should be at $169100 at the end of the current fiscal year (2020). However, at the beginning of the year, the balance was $8891 but now it is at $18. I am not sure why they made this withdrawal. (Fiscal year end for the corporation is August 31)
Are these issues I should be concerned about?
Last edited by johnnybus111 on Feb 15th, 2020 5:10 pm, edited 1 time in total.