We are constantly asked to quote on Renewals (new reports to us) based on another firms report, who did the in initial report.
Doing a renewal based on another firm’s report is complicated as we do not know what the other firm has included in the report.
Some firms provided condensed data which does not allow a new firm to benefit from the prior report, and the development must be measured again. We do not believe this is in your interest, but cannot give a quote with a discount without reviewing that report.
The removal of the following basic renewal friendly information from a report is important for Strata Councils to understand, so the Strata Corporation is not bound to reuse the same provider based on economic reasons. If this data is not available, we and any other provider should start from the beginning.
The following list is the most important issues to Strata Reserve Planning to complete a renewal report based on another providers’ initial report. Reliance is permitted on the data collected by a person who formerly measured the components, as long there is an inspection to confirm this information. Discounts off a new report are usually applicable in situations where the component data is available, reliable and complete. We require a copy of the former depreciation report for review, and quotes are available only after the review.
In order for Strata Reserve Planning, or any alternate provider, to use a Depreciation Report by another provider, we require the following basic requirements. It is best to let Strata Reserve Planning determine if this meets the requirements below.
Strata Corporations with multiple Types (townhomes and apartments) usually are in a single report in developed at the same time. Strata Corporations with multiple Types may have different CRF accounts for each type. If so, it may be prudent to treat the types of structures, in the same manner as sections, with their own inspection and details in the report, and then a Summary table for the entire complex. Strata Corporations with multiple Phases (portions built at different periods) are in a single report. If a group of phases are similar and built within 3 years, the ages can be blended together. If more than 3 years apart, the phases are usually separated for determining remaining lifespan.Privacy regulation state that a vote from every Sections (portions with separate Council, Bylaws, Budget and bank accounts) is required to create a report with all the Sections in a single document. Otherwise, it is not permitted. Each Section would have their own inspection and details in the report, and then in the case of multiple Sections, a Summary table for the entire complex.