Campbell & Pound, a top-tier real estate appraisal firm and an A+ accredited member of the Better Business Bureau, is your expert on Depreciation Reports and Reserve Fund Studies in the Greater Vancouver Area and the Fraser Valley. Our specialized team of Certified Reserve Planners (CRP) and Accredited Appraisers are ready to consult and advise you on all aspects of Depreciation Reports, otherwise known as Reserve Fund Studies, and Insurance Appraisals.
At Campbell & Pound you can expect:
- Fast turnaround for all Depreciation Report services
- Appraisers and Reserve Fund Planners who live in their geographical area of responsibility and thus have a thorough understanding of the markets in which they operate
- The convenience of knowing that you can always talk to a manager — a real person — at any time: weekends, evenings, and statutory holidays
- A fully integrated office including an extensive database which is continually updated with the latest market information and delivered in an electronic report
Q: Do the Regulations permit our strata corporation to conduct our own Depreciation Report?
A: Technically, the regulations do not prohibit a strata corporation from preparing their own Depreciation Report; however, consider the requirements of the Act & Regulations and the liabilities first. A person (when applied also means the consulting firm or group of certified professionals who make the proposal) is going to have to be identified as providing the report. If it is the strata corporation providing their own report, then it will be disclosed in the report that the information has been provided by the strata corporation and/or specific individuals. You will have to disclose in the report who that is and the liability qualifications and competency of that person.
In addition to providing a planning tool for renewals, as well as maintenance and financial planning for the strata corporation, the report also imposes a level of liability on the strata corporation for accuracy. Remember that the report may be used by insurance providers, mortgage providers, mortgage issuers, and most of all, buyers. This is an official report and will be used to determine a buyer's qualifications for a mortgage, to establish risk for insurers, and for buyers to determine their future liabilities before they make a decision or make an offer for purchase. Throughout all of these transactions the strata corporation is exposed to liability.
At Campbell & Pound, the company, along with each professional Reserve Fund Planner/RFP team member, all carry $2,000,000.00 in Professional Liability Insurance which protects the strata corporation and its owners.