A Checklist of Documents you Need to Read Before Buying Strata
- 24 months of strata council meetings, annual general meetings, special general meetings, extraordinary meetings and any meetings of the executive members. Make sure you have the complete set of minutes.
- Form B Information Certificate along with any Rules, the current budget and the developer’s Rental Disclosure Statement if any.
- Current By-laws
- Current Financial statements
- Registered strata plan, any amendments, and any resolutions dealing with changes to the common property.
- Property Disclosure Statement: Strata Titled Properties
- Any building warranty information that exists
- Information about any fees charged by strata over and above the monthly strata fee.
- Any Engineer’s Reports
- On a new building check to see if you can get your hands on the Developer’s Disclosure Statement
You should have a
You should have a good realtor working for you,(This is hard to find), who has experience with strata, my realtor told me the engineering reports were too old and no longer pertinent, she was wrong! Also the minutes may not reflect the true circumstances going on the the strata. It might even be a good idea to have a lawyer look at the finances and if work mandated by the engineers was actually done! Also scrutinize in detail if you actually have all the minutes (your realtor should do this, if you have a good one). I actually has 2 copies of some and was missing the last couple of months of important info, was this and innocent mistake or a planned strategy I don't know but my realtor did not check and told me everything looked fine
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I'm no lawyer but I would
I'm no lawyer but I would suggest if your Realtor requested all of the documents in writing and didn't get them for you then you have a strong case.
"One useful buyer’s tool is the minutes of strata council meetings (notes recorded during the period of assessment discussions and when remediation decisions are being made). Check to ensure it is a complete set of all minutes, without missing pages." - http://johngrasty.ca/?p=36
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