Depreciation Reports & Reserve Fund Studies

ADVISORY:

“NLD Health & Safety Practices – No‐Contact Inspections”

NLD Consulting – Reserve Fund Advisors has worked closely with our professional associations, governmental health regulator recommendations, and industry to quickly adapt to health and safety practices which will ensure the strata/condo homeowners, occupants, and your reserve fund study / depreciation report / insurance appraisal consultants are safe during the inspection of your property.

For this reason, any inspections completed during the COVID‐19 pandemic will comprise the following practices:

• The inspection will avoid any direct contact with homeowners, occupants, and building managers. We will arrange for keys, where necessary, to be provided by envelope on‐site or through a means convenient with the strata/condo representatives(s).
• Your NLD Consultant will socially distance from any other individuals encountered on‐site. Our consultant will be using disposable medical grade gloves, which will be new each use and disposed upon completion of inspection.
• In order to minimize time on site, quantity estimates will be done off‐site, through the use of building/architectural/strata/condo plans, where available.
• NOTE: If it is your preference that no inspection be conducted on‐site/in‐person at this time, we can also commence your report with a “deferred inspection” option. This would entail a “virtual walkthrough” using Zoom, Facetime or another appropriate app we provide, as well as specific digital photos taken by a member of the strata/condo whom already lives on‐site.
• Any interviews or questions with respect to the strata/condo corporation will be done by telephone, email, and/or Zoom meetings which we can arrange as appropriate.
• Any meeting required upon completion of the draft or final report can be arranged by NLD Consulting (through our Zoom account) for your strata council/condo board, management, and/or owners at your convenience.

The above steps, in addition to our firm running primarily a “virtual office” since early March, will minimize the inherent risks, and allow strata/condo corporations to function appropriately with respect to their reserve fund study, depreciation report and replacement cost insurance appraisal obligations under the applicable Strata/Condo Property Act and Regulations.