A conversion condominium development usually consists of units and common areas in an existing structure. The structure may have been used as rental accommodation or commercial leased space with some degree of renovation as part of the conversion process. With conversion condominiums, the developer must complete a reserve fund study, report, and plan before offering units for sale. The developer must give you a copy of the reserve fund report and plan. Review the reserve fund report. Consider what work is already complete by the developer, as well as future work. The report also explains what needs repairs or replacement over the next 30 years (or a time period longer than 30 years) and how much it will cost. Since conversions often involve older and/or non-residential buildings, the future costs of repairs and replacements of the corporation’s real/personal property, common property and managed property could happen sooner and cost more than a new development. There is no requirement for a developer to put money into the reserve fund. Consequently, owners may pay higher contributions (fees) or special levies so that the reserve fund has enough money to cover future repairs. You should have a lawyer, real estate professional, and/or document review service review the reserve fund report and plan.