Buying or Selling a Strata Unit - Things You Should Know
Published: 02/21/2009 by SpongeBob and Famous PEOPLE Player
If so, it's important to be aware of the documentation Strata Corporations must provide or you need to obtain to ensure you are making informative decision
Strata Corporation Records
Minutes of annual and special general meetings, including the results of any votes
Strata Council bylaws and rules
Budget and financial statements
Correspondence directed to the Strata owners by the Strata Council
Resolutions that deal with changes to common property
A list of Strata Council members and owners
Names of tenants and assignments of voting or other rights by landlords to tenants
The registered strata plan and any strata plan amendments
Access to Records
Under the Act, the Strata Corporation must make these and other records available upon request and provide copies to an owner, a tenant (who has been assigned a landlord's right to inspect and obtain copies of records and documents), or to a person authorized in writing by an owner (such as a REALTOR®) or a tenant as outlined above. The Strata Corporation must comply with such a request within two weeks unless the request is for copies of the bylaws or rules in which case the Corporation must comply within one week.
Information Certificate
Within one week of a request by an owner, buyer or authorized person, the Strata Corporation must provide an Information Certificate disclosing a wide range of information. This includes, but is not limited to, the following:
Monthly strata fees
Any special levies that have been approved
Any amount by which the expenses of the Strata Corporation for the current fiscal year are expected to exceed the expenses budgeted for the year
The amount in the contingency reserve fund
Any amendments to bylaws
Remember, your REALTOR® has the training, knowledge and expertise to guide you throughout the buying or selling process so be sure to check with him or her should you have any questions.
