Strata’s without a Depreciation Report or with a report that does not meet the new regulations will be less appealing, commented James Dobney, President of Carson Dobney Weldon
Vancouver, BC (PRWEB) January 27, 2012
Carson Dobney Weldon (CDW) announced today the release of their enhanced Depreciation Report to help BC strata corporations meet new regulatory requirements. Regulation changes made under the Strata Property Act of British Columbia regarding Depreciation Reports came into effect on December 13, 2011. The new regulations require strata corporations to obtain these reports within 2 years and have the reports renewed every 3 years. CDW’s enhanced Depreciation Report offering is fully compliant with the new regulatory requirements and allows strata corporations to easily and cost effectively meet requirements and be better prepared for future capital expenses.
James Dobney, President of Carson Dobney Weldon, commented that, “Real estate sales will be affected by this new legislation. A Depreciation Report should be available to a prospective buyer. Purchasers will see the financial plan for the future of the property, reassuring them that future repairs have been anticipated and budgeted. Strata’s without a Depreciation Report or with a report that does not meet the new regulations will be less appealing.” Dobney further noted, “The previous requirement of contributing to the contingency reserve fund based on the size of the operating budget was inadequate and left many strata’s facing special assessments and lower real estate values. With a Depreciation Report meeting the regulatory requirements in hand, strata’s will be in a much better financial position going forward.”
Lending institutions can also benefit from the Depreciation Report as part of their mortgage approval process. Proof of a healthy and sound contingency reserve fund will ensure real estate transactions move smoothly.
For additional information on CDW’s Depreciation Report, information on the new Regulation requirements or other product offerings, please visit http://www.CDWengineering.com or contact Erica Bourgeois at Erica(at)CDWengineering(dot)com .
For press or media related inquiries, please contact Brian Bell from Carson Dunlop, bbell(at)carsondunlop(dot)com
About Carson Dobney Weldon
CDW Engineering has been the leading Commercial Building Inspection firm since 1978. The company offers a broad range of commercial inspection products and services to help clients reduce risk when buying, selling, leasing, refinancing or maintaining their commercial real estate assets. CDW is an independent and unbiased consulting company that leverages their extensive technical knowledge and superior communication skills to help building owners and strata corporations in British Columbia.