A very interesting article came out in the Calgary Herald today. Here is a link to it...
http://www.calgaryherald.com/Business/Liberals seek protection condo owners/1529005/story.html 

The story, by Renata D'Aliesio, simply scratches the surface of a known issue that has been a thorn in my side for as long as I have been in real estate. 
The following is what I attempted to post to their website as a comment. Hopefully they will post it unedited.

"I am a Realtor in Edmonton and this has been a sore point with me for several years. It seems the vast majority of property managers provide a sadly inadequate level of service when it comes to ensuring that condo boards maintain proper documentation. The bottom line is that until boards and property managers are operating within compliance of the Condominium Property Act they are leaving themselves exposed to potential claims that could result in insurance payouts or even litigation.
I go out of my way to educate my clients as to the risk assessment associated with any condo complex and provide them with the means to protect themselves adequately should a special assessment be levied. If the board or management fails to respond accordingly to known issues the letter of the Act does in fact provide a path of recourse." 

I hope this doesn't discourage any potential condo buyers but the best defense in this situation is to arm yourself with the proper knowledge and ask the board to remedy any known shortcomings or issues once you become a unit owner within the complex.
Having a complete set of condo documents is essential so that a seller can provide that info as they will most certainly be asked for it as a condition of any offer.