Things You Should Know When Buying or Selling a Strata Unit
Are you thinking of buying or selling a property covered by the Strata Property Act? If so, it's important to review the following so that you can make informed decisions.
Strata Corporation Records
- Minutes of annual and special 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 dealing 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®. 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
An Information Certificate must disclose the following information:
- 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
