-FAQ-

• Q: What is a reserve fund?
• A: All condominiums in Alberta are legally required to maintain a capital replacement reserve fund. This is a special saving account that sets money aside for repairs and replacement of major commonly owned condominium assets.
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• Q:What is a reserve fund study?
• A: Condominiums are legally required to complete a reserve fund study every 5 years to determine how much money should be set aside for repairs and replacement of the common property over the next 25 years. The study and and accompanying written report must be done by a qualified person. The most recent study done for the LBC was completed in 2017 and another is scheduled for early 2023.
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• Q:What kind of insurance do I require?
• A: The LBC maintains insurance for replacement of all common property which includes the hallways, structure, roof and exterior walls. Owners should carry insurance that will cover bay contents and any interior improvements such as bathrooms, offices, interior walls and wiring.
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• Q:What are some general guidelines for compliance with building code fire safety
• A: The following are a few general guidelines only. A qualified building inspector should be consulted to ensure that your bay is fully compliant with Alberta Safety Code requirements
• Sprinkler heads need to provide coverage for ALL areas of the bay including bathrooms, offices, and underneath overhead doors.
• A fire extinguisher must be mounted on the wall near each exit. Extinguishers should be inspected annually. Maintaining fire extinguishers is the owners responsibility.
• All bays require at least one emergency pull station.