New Brunswick Condo Buyer's Guide: Timeline and Glossary

New Brunswick gives purchasers a direct line to the corporation's estoppel certificate, with a 10-day deadline the corporation has to meet. This guide shows how to use that timeline, what to add to the package, and what the terms mean.

Step 1: Research the building

Check the building on the CondoShield map. Note the number of units: buildings of 10 units or fewer and larger buildings follow different reserve fund rules, which changes what you should ask for.

Step 2: Make your offer conditional

Write a condition for reviewing the condominium documents. Because the corporation has 10 days after your application (or fee payment, if later) to issue the estoppel certificate, set your condition date at least that far out unless the documents already exist.

Step 3: Apply for the estoppel certificate

As a purchaser, you can apply for the certificate yourself. It comes with:

the declaration
the by-laws
the reserve fund study, where one is required

If the corporation misses the 10-day deadline, the certificate is deemed to state that there's no default and no undeclared fee increase. That protects you on money owed, but it means you won't get the building information you need, so follow up.

Step 4: Add the records the certificate doesn't cover

Through the seller, as an owner, request:

board and owners' meeting minutes for 2 years
the budget and financial statements
insurance policies and deductibles
the rules and management agreement
the reserve fund status certificate and latest update
engineering or building condition reports

Step 5: Get it reviewed

Send the package to CondoShield. For buildings over 10 units, the law requires the reserve fund to meet the study's recommended minimum. We check whether it does, because a shortfall means owners' contributions must rise.

Step 6: Ask your questions

Common New Brunswick follow-ups:

When was the study done, and when was it last updated?
Is the reserve fund at the study's minimum? If not, how much will contributions rise?
What assessments are due this year, and what capital spending is planned?
Does the corporation carry any debt?

Step 7: Firm up and close

There's no statutory cooling-off period for resale condos in the Act, so satisfy yourself before you waive conditions. Your lawyer then completes the transfer and confirms common expenses are current.

Step 8: After possession

Insure your unit, your improvements and your share of any deductible.
Read the declaration, by-laws and rules.
Attend owners' meetings, where budgets and reserve contributions are set.

Buying from a developer

Every agreement where the developer is the seller includes a mandatory clause: you have 10 days after receiving the prescribed documents to object in writing to anything that materially affects your enjoyment of the property. If the developer won't fix it and you won't waive it, the agreement is void and your deposit comes back.

Glossary

Estoppel certificate: The corporation's certificate of amounts owing and key facts about the building, with the declaration, by-laws and reserve fund study attached.
Declaration: The registered document that creates the condominium.
Description: The registered plans of the units and common elements.
Common elements: Everything outside the units, owned in common.
Common expenses: Monthly fees paid by owners.
Reserve fund: Savings for major repair and replacement.
Reserve fund study: A professional study, required every 10 years with 3-year updates for buildings over 10 units.
Reserve fund status certificate: A summary completed by the study's author.
Contingency fund: An optional fund some corporations keep for purposes set in their by-laws.
Director: The provincial official who receives reserve fund studies and oversees parts of the Act.

Order a New Brunswick review

General information, not legal advice. Condo laws, forms and fees change; confirm details with the official source or a lawyer before you rely on them.