Reserve Fund Study
The reserve fund study is a physical inspection of the capital elements of a condominium's common property, such as a roof, siding, or furnace. The study is conducted by a qualified inspector or inspection company. The inspector examines the condition of each capital component and estimates its useful life and the cost of future replacement. The bylaws or provincial legislation may state how often this inspection must be performed.
In Alberta, the reserve fund study must be conducted within 2 years after a new condominium is completed and every 5 years after that to monitor changes in the condition of building components.