Condominium Boards and the Condominium Viability Audit & Rating Service
The CVA & R program comparable to that of a credit score or 5 star rating system. The report and rating are determined based on a comprehensive review of the governance, operation and community of a condominium.
The Condominium Document Review & Rating report is available to consumers in place of the standard document review for condominiums whohave completed the Audit & Rating program. (availabe in the store)
The objective of the Viability Audit is to identify the aspects of a condominium that impact the property value. This is achieved by auditing the business of the Condominium Corporation (Governance), the management of each owner's investment in the property (Operation/Finances) and the lifestyle concerns that affect the residences (Community). Auditing these three areas from the view of their impact on property values gives buyers, owners and lenders the transparency needed to evaluate and monitor the performance of their investment in the condominium unit.
The Condominium Viability Audit is completed in collaboration with the Board of Directors. The findings are then rated using a proprietary system developed by a team of industry experts. Buyers, lenders and owners can, at a glance, evaluate the potential viability of a condominium, having the security of knowing how the condominium corporation is functioning.
At Condo-Check we respect that the function of the condominium has a direct impact on the property value as well as the peace of mind of the "shareholders" in a condominium project.
The CVA & R is based on a visit to the site, reviewing a minimum of two years documented history and having our questions responded to directly by the Board of Directors and the property manager.
About the CVA & Rating ...
The Condominium Viabilty Audit and Rating service (CVA & R) has been developed by Bernie Winter, A.C.C.I. , F.C.C.I. and a team of Condominium Advisors.
The proprietary rating system measures the actions of the Board and the Owners and the business of the condominium to sustain, enhance and to protect property values.
To protect property values a condominium must sustain criteria that directly impacts the ability to sell a condominium unit for fair market value in any market condition.
Condominiums members of this program are rated on a monthly basis, out of a possible 3,000 points.
The CVA & R is represented by a 5 star rating system for easy reference.
1 star= Poor (0 to 59%)
2 stars= Fair (60 to 69%)
3 stars= Average (70 to 79%)
4 stars= Good (80 to 89%)
5 stars= Excellent (90 to 100%)
