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Strata Tip: Check for Missing Documents

Check for Missing Documents

We’re back again with our strata tip. No matter where or who you get the strata documents from, it’s always important to verify that nothing is outdated or missing. Unfortunately, from our experience, more than 90% of the strata packages we receive are missing documents.

While there is no legislation that specifically dictates how far back to go when looking over the strata documents, it is industry standard that, at a minimum, two years worth of documents be reviewed.

What documents should I be asking for? Use our Strata Document Checklist as a guide:

  • Form B (should be no older than 1 month)
  • Financial Statements (ideally within 2 months old)
  • Depreciation Report
  • Insurance Certificate
  • Rental Disclosure Statement
  • Bylaws
  • Rules
  • Strata Plan
  • Form V – Schedule of Unit Entitlement
  • General Meeting Minutes (for the last 2 years)
  • General Meeting Notice Packages (for the last 2 years)
  • Council Meeting Minutes (for the last 2 years)
  • Professional and Engineer’s Reports
  • Warranty Certificate (if the building is within 10 years old)
  • Any correspondence related to the strata lot

    Here’s a PDF version of the Strata Documents Checklist. Feel free to share it with others!

    Next time we’ll look at some strata statistics we have complied from the thousands of strata document reviews we have completed. If you have any suggestions for other topics you’d like us to cover, please let us know at [email protected].

    A little about us:

    1. We are a fully licensed brokerage under the BCFSA, and carry Errors and Omissions (E&O) insurance.
    2. We’ve been in business since 2017 and have completed over 1,800 strata reviews to date province wide.
    3. Our Review Advisors have firsthand knowledge and experience. They’ve all been practicing strata managers.

    A little about our services:

    FAQs: How do Condo Clear’s services work?
    Pricing: How much do Condo Clear’s services cost?

    Here is a Sample Buyer’s Review that you can look through. If you have some time, we would love to setup a quick chat, to talk more about our review process and go over any specific needs you might have.

    Ryan Stenquist & Magurel Mic

    Condo Clear Services Inc.