Difference between revisions of "Duty to Repair and Maintain (22:XIV)"

# The report must be obtained from a “qualified person”, a term defined in s. 6.2(6) of the ''SPR'' as “any person who has the knowledge and expertise to understand the individual components, scope and complexity of the strata corporation’s common property, common assets and those parts of a strata lot or limited common property, or both, that the strata corporation is responsible to maintain or repair under the ''SPA'', the strata corporation’s bylaws or an agreement with an owner and to prepare a depreciation report that complies with [s. 6.2(1) to (4) of the ''SPR'']” (s. 94(2)).

# A strata corporation must obtain a depreciation report in accordance with the following timelines (SPA, s. 94(2), SPR, s. 6.2(7)): when a strata corporation was established on or before December 14, 2011, the first depreciation report must have been obtained no later than December 14, 2013, and when a strata corporation has already obtained at least one depreciation report, the next depreciation report must be obtained no later than three years after the date of the last report.

 

A depreciation report is required to include all of the following (SPR, s. 6.2(1)):

 

# A physical inventory and evaluation that complies with s. 6.2(2);

# A summary of repairs and maintenance work for common expenses respecting the items listed in s. 6.2(2)(b) that usually occur less often than once a year or do not usually occur;

# A financial forecasting section that complies with s. 6.2(3);

# The name of the person from whom the depreciation report was obtained and a description of that person’s qualifications, errors and omissions insurance coverage, if any, and relationship with the strata corporation;

# Any other information or analysis that the strata corporation or the person providing the depreciation report considers appropriate.