If Deciding on a Condo or Strata Title Unit
- When buying a strata unit you are buying into an organization that should operate as a democracy.
- If you know someone in the building ask them questions about the condition of it, if there have been any issues with the building and how well the strata council runs.
- Don’t just look at the suite, you are buying into common property as well so look around the entire building, the garage, storage areas, common areas and the grounds.
When you have narrowed down your choice
As your Realtors we will:
- Write an offer making it subject to receiving the following:
- All documents on the Checklist for Strata Properties.
- The Minutes and Financial Statements.
- READ ALL MATERIAL OVER THOROUGHLY. These documents are the Diary of the building. They will give you a feel for the building and who your neighbours are as well as clues to if the building has had/or is having any problems.
Checklist for Strata Properties
Documents we as your Realtors will need to request from the property management company for you with permission from the seller.
- Minutes: minimum 24 months - strata council meetings, annual general meeting(s), extraordinary meeting(s), special general meeting(s), and meetings of the executive or the members of any section to which the strata lot belongs. Request written verification from the strata property manager, the strata council or, if a section exists, the executive of the section, that the information received represents complete copies of minutes requested.
- Information Certificate (Form "B") to which must be attached copies of the Rules (formerly called regulations), the current Budget, and the Developer’s Rental Disclosure Statement. (Note: the information in the Certificate and its attachments are only current to the date of the Certificate).
- Current Bylaws of the strata corporation and any section to which the strata lot belongs (includes information such as parking entitlements and vehicle restrictions, pet restrictions, age and children restrictions, rental restrictions, barbecue restrictions etc.)
- Current Financial Statements of the strata corporation and any section to which the strata lot belongs.
- The Registered Strata Plan, any Amendments and any Resolutions dealing with changes to common property.
- Property Disclosure Statement for the strata title property.
- Information about any Additional Fees charged by the strata corporation, over and above the monthly strata fee, for parking, storage or other features.
- Information regarding any Building Warranty that may be applicable.
- Municipal Occupancy Permits and/or Final Inspection Permit.
Questions to keep in mind when reviewing these documents???
- Does this project developer have a good reputation?
- Is there a professional property management company or is it self-managed?
- Look at the annual budget or financials for the building, how much is in the Contingency Reserve Fund?
- Do they have a 5-10 year maintenance plan?
- Does the building have a third party warranty? If building permit was taken out after July 1, 1999, the property is required to have third party warranty. Closely review the Disclosure Statement provided by developer for this information.
- Have any structural problems been noted that may lead to a special assessment in the future?
- Is there an engineering report available?
- Have any special assessments been agreed upon?
- Have there been any recent court actions or arbitrations?
- Are units being successfully resold?
- What are the charges for common area maintenance?
- What services or utilities are included in monthly maintenance? Are you expected to pay any additional fees?
- Will you be required to pay extra fees for using any facilities?
- Who controls the recreational facilities?
- How many parking spots are included? Are they titled, limited common property or are they assigned to the owners by the strata council with possibility of future change?
- How is storage assigned?
- Are rentals permitted?
- How many rentals are permitted?
- Are pets allowed? Are there restrictions to how many and what type & size of pet you can have?