Buying a condo in Calgary: what to read before you go firm.

In Alberta a condominium is either a conventional (building) condominium, where the unit is defined by the walls, floors and ceilings shown on the registered condominium plan, or a bareland condominium, where the unit is a parcel of land and you usually own the building on it. Apartments are conventional; townhouses can be either. The type decides what you maintain, what the corporation insures, and whether a Real Property Report is part of the sale. The listing and the condominium plan say which it is.

The board sets an annual budget and each unit pays a share of it, normally in proportion to its unit factor on the condominium plan. What the fee covers varies by building: some include heat, water or electricity, others none. Ask for the current budget, the fee for this unit, and how the fee has changed over the past few years; the budgets and annual general meeting minutes show the history.

Alberta requires condominium corporations to keep a reserve fund for major repairs and replacements (roofs, windows, elevators, parkades), based on a reserve fund study by a qualified person and a reserve fund plan approved by the board, with the study renewed at least every five years. A low fee in a building whose reserve is behind its own plan is not a saving; the gap usually comes back as fee increases or a special assessment. Compare the plan's target balance with the actual balance in the financial statements.

The bylaws and any rules; the current budget and most recent financial statements; the reserve fund study and plan; board and annual general meeting minutes (ideally the past one to two years); the insurance certificate; and an estoppel certificate, which states what is owing on the unit and discloses other matters set out in the Condominium Property Act. Make your offer conditional on reviewing them. Minutes are where you find what the financials do not say yet: leaks, lawsuits, a parkade membrane, a vote on an assessment.

The corporation insures the building and common property; the bylaws and Act define what part of your unit the corporation's policy covers. You insure your contents, upgrades beyond the standard unit, your liability, and your share of the building policy's deductible if a loss starts in your unit. Ask your insurer about deductible and loss-assessment coverage before possession, and read the deductible amounts on the insurance certificate.

Moving-day rules in a Calgary condo come from the building's bylaws and rules. Typical items are booking the elevator or loading area through the property manager, permitted moving hours, advance notice, protecting common areas, and a fee or deposit where the bylaws provide for one. Pets, renovations, parking, storage, barbecues and short-term rentals are also usually covered. Ask for the current rules during the condition period, not the week before possession.

Alberta's New Home Buyer Protection Act requires warranty coverage on new homes, including condominium units: one year for labour and materials, two years for delivery and distribution systems, five years for the building envelope and ten years for structural defects. The Condominium Property Act sets rules for how a developer holds purchase deposits and what it must disclose. Read the developer's disclosure documents and the proposed budget, which is an estimate until the owners take over.

Your lawyer reviews the estoppel certificate, confirms there are no arrears, and adjusts the condo fee for the month of possession. On possession day, collect keys, fobs, parking and storage access from the seller or the property manager, and register with management as the new owner.