\n\u2022 Form B<\/b> – This is the strata unit\u2019s financial report. It will tell you the current strata fees for the unit. It will also tell you whether the unit\u2019s current owners owes the strata any money, and whether the unit also includes a parking space and storage locker. The Form B will also advise you of the building\u2019s contingency fund. That’s the money it has in the bank to pay for emergencies or to offset unexpected expenses. A Form B is often required by lenders before you can obtain a mortgage for a strata unit.
\n\u2022 Strata Bylaws<\/b> – These strata documents are\u00a0the rules everyone in the building must abide. This is where you can find out about pet, rental and age restrictions. There may also be rules about noise or barbecues on balconies. It could cover storage of things like bicycles. It also outlines\u00a0consequences of breaking those rules. The bylaws will give you a good idea if a building is a good match for your lifestyle.
\n\u2022 Strata Minutes<\/b> – Reading the minutes<\/a> of regular strata council<\/a> meetings will give you an idea of ongoing issues in the building. These can include troublesome residents, security, noise and maintenance. The minutes will also show\u00a0how the council deals with those issues. The strata council is a board of residents who volunteer or are elected annually to manage the building and its finances.
\n\u2022 Annual General Meeting Minutes<\/b> – The AGM is called by the strata council to update residents on the strata\u2019s finances. It sets a budget for the coming year as well as the strata fees to cover that budget. The AGM also gives the council and residents a chance to discuss and put proposed new bylaws and special levies to a general vote, as well as select a new strata council. It\u2019s often a forum for residents to address in an open meeting grievances that may have been bugging them.<\/p>\n
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\u2022 Engineering Report<\/b> – Every strata building has a 2-5-10 warranty that covers various structural, mechanical and cosmetic components. As each milestone year of the warranty is passed, the strata council must hire an engineering company to assess the building for any deficiencies that might be addressed by the warranty. About 34 per cent of BC residents currently live in strata developments. For them, reading and understanding the strata documents can be as important as being familiar with municipal bylaws or even traffic rules. If you’re looking at strata properties, your realtor can arrange access to all the strata documents you should read before you buy.<\/p>\n","protected":false},"excerpt":{"rendered":" Reviewing strata documents is a key step when you\u2019re buying a condo. In fact, you shouldn\u2019t even reach for your chequebook or make an offer until…<\/p>\n","protected":false},"author":3,"featured_media":16691,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[891],"tags":[],"acf":[],"taxonomy_info":{"category":[{"value":891,"label":"Buyers"}]},"featured_image_src_large":false,"author_info":{"display_name":"James Garbutt","author_link":"https:\/\/www.garbuttdumas.ca\/author\/james\/"},"comment_info":0,"category_info":[{"term_id":891,"name":"Buyers","slug":"buyers","term_group":0,"term_taxonomy_id":891,"taxonomy":"category","description":"","parent":0,"count":156,"filter":"raw","cat_ID":891,"category_count":156,"category_description":"","cat_name":"Buyers","category_nicename":"buyers","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/16690"}],"collection":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/comments?post=16690"}],"version-history":[{"count":8,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/16690\/revisions"}],"predecessor-version":[{"id":46045,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/16690\/revisions\/46045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=16690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=16690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=16690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u2022 Depreciation Report<\/b> – In 2013 the BC government mandated every strata with more than four lots needs to submit a depreciation report<\/a>. It\u00a0determines the short and long term health and upkeep of the building. The report tells owners how much repair and replacement work is required or could be anticipated in future years, as well as the approximate costs and timeline for that work. It also provides an opinion of the general condition of the strata\u2019s common property, buildings and assets and notes any potential problems that could require additional testing.
\nMost depreciation reports are prepared by qualified architects or engineers and they must be written in clear, concise language. The reports must be updated every three years.
\n\u2022 Insurance<\/b> – Every strata corporation must have property and liability insurance for the building(s) on the strata plan, common areas and original fixtures. It is important to examine the strata\u2019s insurance to determine what is covered as well as deductibles for perils like water damage. Take a copy to your\u00a0 insurance provider to ensure your own insurance covers those deductibles in case your unit is deemed responsible for a flood or other damage.<\/p>\n