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CAFCOR Forum
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#509
what the reserve fund covers? 2007/08/01 05:09  
Hi People:
I would like to know what reserve funds cover in most cases in townhouse condominiums. I was on a board of a 35 unit townhouse condominium, and we covered everything, including doors, windows and garage doors.
I have found out that a friend lives in a condo that does not cover these things. Some units received replacements of doors etc, but now it seems that they are not covered now. They have consistantly had special assessements, for siding, and roof. It does not make sense that the developer would not include these things when selling the units. Not a great selling tool.
Look forward to your replys.
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#514
Roland ()
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Re:what the reserve fund covers? 2007/08/01 08:59  
It is up to the Codominium Corporation (owners) to vote to change the declaration if it is so offensive. Requires 80% of all units to change an item such as what the corporation will replace after wear and tear. These items will come from the Reserve Fund and in fact if you look at the items included in the Reserve Fund Study, you will know what the corporation is responsible for replacing.

All condominiums are different and have declarations (schedule "C") stating what the corporation will cover. It is not uncommon for owners to be responsible for the cost of replacing garage doors, windows, etc. Remember, the owner utlimately pays for capital replacement in either case.

Basically, the only concern would be is it fair that other owners have more wear and tear if the corporation has to pay for replacement but as mentioned, all owners pay either individually or through a contribution to the reserve fund.
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#519
doubleu ()
Re:what the reserve fund covers? 2007/08/01 15:33  
A reserve fund study has to include all common area components with a replacement value of $500 or greater and a life expectancy of 30 years or less. That covers a lot of items.
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#523
wotan ()
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Re:what the reserve fund covers? 2007/08/01 19:35  
Of course, the condominium may be abe to get work done for less if it is done in bulk rather than on an individual basis. So everyone gains.
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