250-412-6595 [email protected]
Strata Documents: 6 Things to Consider

Strata Documents: 6 Things to Consider

What is a strata corporation and what are its key strata documents?

A strata corporation is a legal entity created when a condominium, townhouse, or rowhouse development is registered. The strata corporation owns and is responsible for the common property and assets of the development, such as the grounds, building envelope, amenities, and insurance. The strata corporation is run by an elected strata council, and its key documents include the strata minutes and financials. The strata minutes are a record of all strata council meetings, decisions, and actions. The financials include the strata’s operating budget, depreciation report, and reserve fund study. These documents are important for understanding the strata corporation’s financial health and decision-making process. If you’re thinking of buying a unit in a strata development, it’s a good idea to request copies of these documents from the strata council or your realtor.

Why you should review the strata corporation’s documents before buying a strata home in BC

If you’re considering buying a strata home in British Columbia, it’s important to review the strata corporation’s documents before making an offer. Strata corporations are responsible for the common property in a stratified building, and their financial health is a key factor in determining the long-term investment value of your strata unit. By reviewing the strata corporation’s documents, you can get a better sense of their financial stability and contingency fund levels. This information can help you make a more informed decision about whether or not to purchase a particular unit. In addition, understanding the strata corporation’s financial situation can help you plan for future repairs and maintenance costs. So before you buy a strata home in BC, make sure to review the strata corporation’s documents carefully.

How to obtain and review the strata corporation’s documents

In order to obtain copies of a strata corporation’s documents, an individual must first submit a written request to the property manager. The request should include the individual’s name, address, and contact information. Once the property manager receives the request, they will provide the individual with copies of the documents within a reasonable period of time.

The strata council is responsible for reviewing the strata corporation’s documents on a regular basis. If an individual has any concerns about the documents, they should bring these concerns to the attention of the strata council. The strata council may seek legal advice or ask for a meeting to discuss the matter further. If an individual decides to take legal action against the strata corporation, they should consult with a lawyer or notary.

Document review services can be very helpful in finding important information that could otherwise be overlooked. There can potentially be hundreds of pages of documents to review. In British Columbia you can purchase strata documents from a serice like StrataPress.com and have the documents prefessionally reviewed by Condo Clear Services, Inc. Condo Clear will not only review your documents and provide a professional summary, they also provide consulting services for strata corporations and their council.

Eli Report is another service where potential purchasers and Realtors can receive a summary report from hundreds of pages of documents. The reports are easy to read and highlight specific information that should be investigated further.

What to look for when reviewing the strata corporation’s documents

When you move into a strata property, it’s important to review the strata corporation’s documents carefully. These documents will detail the Corporation’s rules and regulations, as well as important information about damage, repairs, and insurance. Pay close attention to the conflict resolution process, as this will come in handy if there are any disagreements with your neighbours. It’s also a good idea to get to know the other members of the community, as they can be a valuable resource when it comes to dealing with any strata-related issues. By taking the time to familiarize yourself with the Corporation’s documents, you can help avoid potential problems down the road.

Questions to ask the strata corporation about its documents

When you move into a strata property, there are a few key questions you should ask the strata corporation in order to get a better understanding of the building and your rights and responsibilities as a owner. For example, you should ask to see the reserve fund study, as this will give you an idea of how much money has been set aside for future repairs and maintenance. You should also ask about the budget, as this will give you an idea of what kind of expenses you can expect on a monthly or yearly basis. Additionally, it’s important to ask about any violations that have been issued against the property, as this could impact your ability to sell in the future. Finally, be sure to ask for a copy of the bylaws, as this will help you understand the rules that all owners must follow. By asking these key questions, you can get a better understanding of your strata property and what to expect as an owner.

Other things to keep in mind when buying a strata home in BC

When you’re buying a strata home in BC, there are a few extra things to keep in mind. First, it’s important to do your research and find comparable properties in the neighbourhood. This will give you an idea of what the property is worth and whether the strata fees are in line with similar buildings. It’s also important to get to know your potential neighbours and find out what kind of community you’ll be living in. Location is another important factor to consider, as it can affect things like noise levels and access to amenities. By keeping these things in mind, you can make sure you’re making the best decision for your needs.

A strata corporation is a key part of owning a strata property in BC. As a perspective buyer, you should obtain and review the strata corporation’s documents to get an understanding of the rules that govern the building and its residents. When reviewing the documents, pay attention to things like the budget, special assessments, pet restrictions, and smoking regulations. If you have any questions about the documents or the strata corporation itself, don’t hesitate to ask. Keep in mind that there are other important factors to consider when buying a strata home, such as location and square footage. For more information about strata corporations and purchasing a strata property in BC, visit StrataPress.com today.

 

Not Legal Advice - The material provided on the StrataPress website is for general information purposes only. It is not intended to provide legal advice or opinions of any kind and may not be used for professional or commercial purposes. No one should act, or refrain from acting, based solely upon the materials provided on this website, any hypertext links or other general information without first seeking appropriate legal or other professional advice. These materials may have no evidentiary value and should be checked against official sources before they are used for professional or commercial purposes. Your use of these materials is at your own risk.

The Importance of a Strata Depreciation Report

The Importance of a Strata Depreciation Report

A strata depreciation report is a key document for any strata corporation. It provides valuable information about the common property and assets in the strata, and helps owners to plan and pay for their upkeep and replacement. In this blog post, we’ll discuss practical tips for getting the most out of your strata depreciation report.

What is a Strata Depreciation Report?

A depreciation report is a document prepared by an expert that outlines the repair, replacement and renewal costs of common property and assets in a strata corporation. The report is based on an examination of the property, as well as information provided by the strata corporation.

Why is a Strata Depreciation Report Important?

A strata depreciation report is important because it helps strata lot owners to protect their homes and investments. The report provides valuable information to prospective purchasers, and helps the strata corporation to plan and pay for the upkeep of common property and assets.

Without a depreciation report, stratas would have no idea how much money they need to set aside each year to fund future repairs and replacements. As a result, many stratas would find themselves unable to pay for major repairs when they become necessary, which could lead to significant financial problems down the road.

How a Strata Depreciation Report is Prepared?

The quality of a depreciation report relies on the expertise of the person or company preparing the report and the information provided by the strata corporation. The person or company preparing the report will first inspect the common property and assets in question. They will then use this information to estimate how much it would cost to repair or replace each item if it was damaged beyond repair or reached the end of its useful life.

Once this information has been gathered, it is compiled into a report which is then presented to the strata council. The strata council will use this information to develop a long-term financial plan to fund major repairs and replacements when they become necessary.

What are the Strata Depreciation Report Requirements?

Under the Strata Property Act and regulations in British Columbia, strata corporations with five or more lots must obtain depreciation reports. This includes bare land subdivision as well other kinds of property governed by this act. Every three years they will be required to update their last report. Strata corporations may waive the requirement to obtain a depreciation report, or defer a renewal, by passing an annual 3/4 vote. The strata corporation has six months to obtain a strata depreciation report if an annual 3/4 vote to waive the requirement is not passed.

As per Strata Property Regulation 6.2, a depreciation report must have certain content, including Physical Component Inventory and Evaluation, a Financial Forecasting section and depreciation reports must also include a summary of the repair and maintenance work for common expenses that occur less often than once year (i.e. contingency reserve fund expenses), the date of the report as well as any other appropriate information or analysis that the strata corporation or the person providing the depreciation report considers appropriate.

How to Get the Most Out of  Your Strata Depreciation Report.

The Strata Property Act and regulations do not designate which professions can prepare depreciation reports. Stratas can obtain depreciation reports from a variety of professionals. There are a few things you can do to make sure you’re getting the most out of your depreciation report:

  • Make sure you hire a reputable expert to prepare the report. The quality of the depreciation report relies on the expertise of the person or company preparing the report.
  • Make sure you provide accurate information to the person preparing the report. The depreciation report is only as accurate as the information provided by the strata corporation.
  • Review the depreciation report carefully and make sure you understand it before making any decisions about repairs, replacements or renewals.
  • Use the depreciation report as a starting point for planning and budgeting for future repairs, replacements or renewals.
  • Keep in mind that the strata depreciation report is a snapshot in time, and things may have changed since it was prepared. Be sure to keep it up to date so that it accurately reflects the current state of affairs.

A strata depreciation report is an important tool for any strata corporation. It helps owners to protect their homes and investments, provides valuable information to prospective purchasers, and helps the strata corporation to plan and pay for future repairs, replacements and renewals. By following these practical tips, you can make sure you’re getting the most out of your depreciation report.

Not Legal Advice - The material provided on the StrataPress website is for general information purposes only. It is not intended to provide legal advice or opinions of any kind and may not be used for professional or commercial purposes. No one should act, or refrain from acting, based solely upon the materials provided on this website, any hypertext links or other general information without first seeking appropriate legal or other professional advice. These materials may have no evidentiary value and should be checked against official sources before they are used for professional or commercial purposes. Your use of these materials is at your own risk.

What are Strata Minutes and Why are They Important?

What are Strata Minutes and Why are They Important?

Ever wonder what goes on in those strata council meetings? Strata minutes are a record of the official business of the strata corporation – they record decisions that were made, who made them, and when they were made. They also identify what type of meeting took place, how votes were executed, and any specific directions that were given. In this blog post, we’ll explore why strata minutes are so important and how they can benefit you as a strata owner or council member.

The Importance of Strata Minutes
Strata minutes are an important part of the official record of the business of the strata corporation. They provide a transparent way for owners and councils to keep track of decisions that were made, who made them, and when they were made. This level of transparency is important in order to maintain trust between owners and councils, and to ensure that all decisions are made in accordance with the Strata Property Act.

Strata minutes allows all interested parties to see how a strata corporation functions. This is beneficial for several reasons:

  • They allow current owners to see how their strata has been run in the past and get a feel for how effective or ineffective past councils have been.
  • They allow owners to see if there have been any serious concerns or issues within their building in years past that they were not aware of.
  • They allow potential purchasers to make an informed decision about whether or not they want to buy into a particular strata corporation.
  • They provide evidence of what was said and decided at a meeting, in case there is ever any dispute about what took place.

Another important function of strata minutes is that they identify what type of meeting took place and how votes were executed. This is useful information for owners and councils to have as it helps to ensure that all decisions are being made in accordance with the Strata Property Act. It also helps to prevent disputes between owners and councils down the line.

Finally, strata minutes often contain specific directions that were given by the council during the meeting. This is important information for members of the strata council to have as it ensures that they are following the correct procedures when making decisions on behalf of the strata corporation.

Conclusion:
Strata minutes are an important part of the official record of the business of the strata corporation. They provide a transparent way for owners and councils to keep track of decisions that were made, who made them, when they were made, and what type of meeting took place. They also help to prevent disputes between owners and councils by clearly outlining the procedures that should be followed when making decisions on behalf of the strata corporation. If you’re ever curious about what goes on in those strata council meetings, be sure to ask for a copy of the minutes!

 

Not Legal Advice - The material provided on the StrataPress website is for general information purposes only. It is not intended to provide legal advice or opinions of any kind and may not be used for professional or commercial purposes. No one should act, or refrain from acting, based solely upon the materials provided on this website, any hypertext links or other general information without first seeking appropriate legal or other professional advice. These materials may have no evidentiary value and should be checked against official sources before they are used for professional or commercial purposes. Your use of these materials is at your own risk.

Gaining Access to a Strata Corporation Documents

Gaining Access to a Strata Corporation Documents

When considering the purchase of a strata unit, it is important to obtain information about the strata corporation in order to make an informed decision. The strata documents, which include the bylaws and financial statements, can provide valuable insights into the strata corporation’s operations. In addition, minutes of meetings and other records can provide helpful information about strata council decisions and activities. As such, it is important to consult with a strata lawyer or strata manager to ensure that all necessary information is obtained before making a purchase.

A Strata Corporation’s financial and other records may be accessed by a potential buyer in a few ways.

Firstly, all strata documents are typically available for perusal by the public at the strata office. Secondly, if an individual is considering purchasing a strata unit, they may request to view the strata’s bylaws, financials, and minutes of council meetings from the strata corporation. Thirdly, some strata corporations post select information (e.g. meeting minutes, agendas) on their website or online bulletin board for owners and residents to view. There are also services like StrataPress.com that enable you to obtain documents easily online.

Finally, most strata corporations welcome questions from owners and prospective purchasers alike; thus, another route to gaining access to needed information would be to simply ask the strata council for the records in question. In sum, there are several methods by which a potential buyer may gain access to a Strata Corporation’s financial and other records.

The Strata Property Act entitles owners, or their delegates, authorized in writing, to inspect and obtain copies of all of the strata corporation’s records listed in Section 35 of the SPA. If an owner authorizes a buyer, in writing, to inspect the strata corporation’s records or to obtain copies of them, the corporation must allow the buyer to inspect and purchase copies of the records specified. Typically, a buyer obtains the owner’s authorization by negotiating a suitable provision in the parties’ contract of purchase and sale.  If the buyer cannot inspect the records before signing a purchase agreement, they may require a contingency clause in that agreement.

For more information, check out the Strata Property Act Section 36 and Strata Property Act Section 35

 

Not Legal Advice - The material provided on the StrataPress website is for general information purposes only. It is not intended to provide legal advice or opinions of any kind and may not be used for professional or commercial purposes. No one should act, or refrain from acting, based solely upon the materials provided on this website, any hypertext links or other general information without first seeking appropriate legal or other professional advice. These materials may have no evidentiary value and should be checked against official sources before they are used for professional or commercial purposes. Your use of these materials is at your own risk.

Strata Document Retention Guide

Strata Document Retention Guide

Strata Document Retention Guide

Strata documents are an important part of a Strata Corporation and how it can effectively function. The records that must be kept current and up to date by the Strata Corporation are:

  • A list of strata council members, including either a phone number or other method by which the council member may be contacted at short notice.
  • a list of owners, with their strata lot addresses, mailing addresses if different, strata lot numbers as shown on the strata plan, parking stall and storage locker numbers, if any, and unit entitlements.
  • The names and addresses of mortgagees who have filed a “Form C: Mortgagee’s Request for Notification”
  • The names of tenants, and any assignments of voting or other rights by landlords to tenants
TYPE OF DOCUMENT MINIMUM RETENTION PERIOD
Written contracts entered into by or on behalf of the strata corporation by the owner developer  Six years after the termination or expiration of the contract or policy.
Any reports obtained by the Strata Corporation respecting repair or maintenance of major items in the Strata Corporation, including, without limitation, Engineers reports, risk management reports, sanitation reports and reports respecting any items for which information is, under Section 94, required to be contained in a depreciation report.  Retained until the disposal or replacement of the items to which the reports relate.
All warranties, manuals, schematic drawings, operating instructions, service guides, manufacturers documentation and other similar information respecting the construction, installation, operation, repair and servicing of any common property or common assets, including any warranty information provided to the owner developer.  Retained until the disposal or replacement of the common property or common assets to which they relate, or the expiration of the warranty coverage, whichever comes first.
Any decision of an arbitrator or judge in a proceeding in which the strata Corporation was a party, and any legal opinions obtained by the Strata Corporation.  Permanently
The registered strata plan as obtained from the land title office.  Permanently
Resolutions that deal with changes to common property, including the designation of limited common property.  Permanently
Names and addresses of all contractors, subcontractors and persons who supplied labor or materials to the project, as required by the regulations.  Permanently
Any disclosure statement required by the real estate development Marketing Act or section 139 of the Strata Property Act.  Permanently
All plants that were required to obtain a building permit and any amendments to the building permit plans that were filed with the issuer of the building permit.  Permanently
Any document that requires the actual location of a pipe, wire, cable, shoot, duct or other facility for the passage or provision of systems are Services, if the owner developer has reason to believe that the pipe, wire, cable, chute, . or any other facility is not located as shown on a plan or plan Amendment filed with the issuer of the building permit.  Permanently
Any depreciation reports obtained by the strata Corporation under section 94 of the Strata Property Act.  Permanently
List of council members  Current copy

List of owners including:

  • Strata lot addresses
  • Mailing addresses if different
  • Strata lot numbers as shown on the strata plan
  • Unit entitlements
  • Names and addresses of mortgages who have filed a mortgagees request for notification under Section 60 of the strata property Act
  • Names of tenants
  • Assignments of voting and other rights by landlords to tenants under section one 147 and 148 of the strata property Act
 Current Copy
 Strata Property Act and the Regulations.  Current copy
 Strata Bylaws & Rules.  Current copy
 Personal information collected in the course of a bylaw infraction matter.  One year from the date that the original decision was made by the Strata Corporation
 All correspondence sent or received by the Strata Corporation and strata council.  Two years
 Bank Statements.  Six years
 Book of accounts showing money received and spent and the reason for the receipt or expenditure.  Six years
 Budget and financial statement  for the current years and previous years  Six years
 Cancelled cheques  Six years
 Certificates of deposit  Six years
 Income tax returns, if any.  Six years
 Information Certificates issued under section 59 of the SPA.  Six years
 Minutes of annual general meetings.  Six years
 Minutes of special general meetings.  Six years
 Waivers and consents under sec. 41, 44 or 45 of the SPA.  Six years after the transfer of control referred to in section 22 of the Act
 Financial records obtained under section 23 of the SPA, if any.  Six years after the termination or expiration of the contract or policy

Prepared in accordance with the Strata Property Act and Regulations, and PIPA. (As of Oct 1 2014)

Not Legal Advice - The material provided on the StrataPress website is for general information purposes only. It is not intended to provide legal advice or opinions of any kind and may not be used for professional or commercial purposes. No one should act, or refrain from acting, based solely upon the materials provided on this website, any hypertext links or other general information without first seeking appropriate legal or other professional advice. These materials may have no evidentiary value and should be checked against official sources before they are used for professional or commercial purposes. Your use of these materials is at your own risk.