The first step in reviewing strata documents is to actually get your hands on all of them. So, where exactly do you get them from? The answer is, it depends.
A. To start, the seller(s) should be able to provide you the initial contact information, as well as the authority, to obtain the strata documents. As owner(s), they are the ones entitled to receive information from the strata corporation.
1. If the strata is self managed, the contact info should be for the strata council (usually the council president or secretary).
2. If the strata is professionally managed, the contact info should be for the property management company.
B. Once you have the the initial contact info, you should reach out to the correct party and request the strata documents. If you’re wondering what documents you should be requesting, we’ve created a useful Strata Documents Checklist to help you, which you can access here.
C. Once you’ve received the strata documents package, it’s important to organize and verify that no documents are missing. From our experience, over 90% of the packages we receive are missing documents, so don’t assume you have them all. Even if a strata corporation hosts its documents with an online platform, there is no guarantee that they’ve all been uploaded. Just because you don’t see a document online, doesn’t mean that it doesn’t exist.
Side Note: While strata document hosting platforms can be helpful in automatic document requests, some require you to be part of a Real Estate Board. In these instances, strata councils and/or management companies do not have the authority to require you to use the online platform to obtain the documents, and they are still legally obligated to provide them.
D. If the package is missing documents, you should follow up with the appropriate party, the strata council or management company, to obtain anything that’s missing.
E. If a strata corporation has section(s) created by the strata’s bylaws, there will be two sets of many of the documents (minutes, financials, depreciation report, Form B, etc.). You should request the documents for both the strata corporation and the section(s).
Disclaimer: The information provided is for general purposes only. It is not intended to provide legal advice or opinions of any kind. No one should act, or refrain from acting, based solely upon the materials provided, any hypertext links or other general information without first seeking appropriate legal or other professional advice.
Next week we’ll look at alterations within strata units, as reported on the Form B. 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:
- We are a fully licensed brokerage under the BCFSA, and carry Errors and Omissions (E&O) insurance.
- We’ve been in business since 2017 and have completed over 1,800 strata reviews to date province wide.
- Our Review Advisors have firsthand knowledge and experience. They’ve all been practicing strata managers.
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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.