Frequently Asked Questions
A Reserve Fund is a separate fund used for capital outlays for major repair and replacement of common property components of a Condominium/Strata Corporation. This may include all or parts of the exterior siding, roofs, windows, exterior doors, heating and cooling systems etc.
A Reserve Fund Study is a long term 25-year plan, whereas a Depreciation Report is a long term 30-year plan. Both reports provide detailed descriptions of the reserve fund requirements, components, replacement cost estimates, inflationary trends, interest assumptions and expected capital outlays for major repair and replacement of common property components along with appropriate funding level projections.
A Reserve Fund Study is required to be completed every 5 years in Alberta.
A Depreciation Report is required to be completed every three years in British Columbia. However the Depreciation Report may be deferred by up to 18 months by passing a resolution with 3/4 of vote.
Yes, Appraisers Professional Liability Insurance (Errors and Omissions) is a mandatory requirement for all active members of the Appraisal Institute of Canada and $2,000,000 of professional liability coverage is provided for each member. Delta Appraisal Corporation also maintains $2,000,000 commercial general liability insurance, along with WCB-Alberta insurance for the corporation principals.
One of the questions we suggest you should ask potential providers is "Are Reserve Fund Studies or Depreciation Reports your company's primary focus or are they sideline used as an additional source of revenue?" At Delta Appraisal Corporation we truly are specialists as more than 95% of our workload comes from Reserve Fund Studies and Depreciation Reports.
Our functional studies are unbiased. We are not competitors in project management, construction supervision, maintenance or property management.
An honest answer is "of course we do". For our past and present clients, a better answer would be "it depends". As our reports are easy to read and understand, more than 95% of our clients don't expect us to attend their meetings. Also, with so many ways of communicating we are able to save our clients time by answering questions throughout the Reserve Fund Study / Depreciation Report process, rather than only at meetings. Because of this we, are able to keep our professional fees at a more reasonable level as we don't factor in the time (and cost) of attending meetings. If you believe that our attendance will be required at meetings, simply let us know and we can include an allotment for meeting attendance in your quote.
Delta Appraisal Corporation is a qualified reserve fund study and depreciation report provider (as required by the Condominium Property Act in Alberta and Strata Property Act in British Columbia). Our professionals are Certified Reserve Planners and Accredited Appraisers who have over 20 years of experience in the Real Estate field. We maintain service quality through actively staying current in our profession with continuing education and up to date with provincial regulations. We also maintain the appropriate professional and commercial liability insurances.
At Delta Appraisal we strive for a standard of excellence. We create reports that are easy to read and understand, yet detailed enough to provide necessary recommendations for any condominium or strata corporation, big or small.
Above all, our focus is on performance and our commitment to you is unbiased, functional studies that you can work with.
Please Contact Us if you have any other questions regarding what we can do for your company.