10 Best Practices For Managing Strata Documents

by StrataPress | Apr 27, 2023 | Self Managed Strata, Strata Documents, Strata Management

If you are a strata owner living in British Columbia, you know how important it is to manage your strata documents efficiently. Strata documents are crucial for the proper functioning of a strata corporation, and they contain vital information about the strata property, finances, and rules and regulations. In this blog post, we will share the 10 best practices for managing strata documents that every strata owner in British Columbia should follow. By implementing these practices, you can ensure that your strata corporation operates smoothly, and you stay compliant with the laws and regulations governing strata properties in BC.

1. Implement an organized filing system

Having a clear and organized filing system is a vital aspect of effectively managing strata documents. It is crucial to establish a consistent approach for storing and organizing property management documents in a manner that is easily accessible when required. Properly managing strata documents involves creating a folder structure that makes sense for your strata corporation, labeling folders and files appropriately, and regularly reviewing and purging documents that are no longer needed. By implementing an organized filing system, you can streamline the process of managing strata documents and ensure that the right documents are always at your fingertips when you need them.

The first step in creating an organized filing system is to decide on a format for storing your documents. You can choose to store them in hard copy or electronically, or a combination of both. Once you have decided on a format, you can then create a folder structure that makes sense for your strata corporation. This folder structure should be consistent across all documents and should be intuitive to follow.

It’s important to label your folders and files appropriately, using clear and concise naming conventions. This helps you quickly locate the document you need without having to sift through a large number of files. For example, you can create folders for financial documents, meeting minutes, bylaws, and contracts, and then label each file within those folders with a clear and descriptive name.

2. Use Cloud Storage

Cloud storage provides several advantages, including easy accessibility, security, and convenience. By using cloud storage, you can store all your strata documents in one place, making it easy to access them from any device with an internet connection. This can be especially useful for strata managers who need to access documents while on the go or from a remote location.

Another significant benefit of cloud storage is its security features. Most cloud storage providers offer robust security measures to protect your data from cyber threats, such as encryption, firewalls, and two-factor authentication. Additionally, cloud storage reduces the risk of data loss, as it provides automatic backups, so even if your computer or device crashes, you won’t lose your important strata documents.

When using cloud storage for managing strata documents, it’s important to choose a reputable provider and ensure that your documents are securely stored. You should also establish a consistent folder structure and labeling system to organize your documents, making it easier to locate them when needed.

3. Regularly back up documents

Regular backups can be done in different ways, including using external hard drives, cloud storage, or other digital backup solutions. It’s essential to establish a consistent schedule for backing up your documents, such as daily, weekly, or monthly, depending on your needs and the frequency of document changes.

When backing up documents, it’s important to include all relevant files, including financial documents, meeting minutes, bylaws, and contracts. You should also ensure that the backup process is automated, so you don’t forget to do it manually. Automated backups can help you save time and ensure that all important documents are regularly backed up.

It’s also important to store backups in a secure location, such as an off-site storage facility or cloud storage. This ensures that if there is a physical disaster like a fire or flood, your documents will still be safe and accessible.

4. Adhere to record retention policies

Adhering to record retention policies is an essential best practice for managing strata documents. It is crucial to be aware of the legal requirements for retaining documents and ensure that they are kept for the required amount of time in accordance with the Strata Property Act of British Columbia.

The Strata Property Act of British Columbia mandates specific retention periods for different types of strata documents. For example, financial documents such as accounting records, budgets, and financial statements should be kept for at least six years. Meeting minutes, bylaws, and rules should be retained indefinitely, while contracts and other legal documents should be retained for ten years after the contract’s end date.

It’s important to ensure that your strata corporation is complying with these retention requirements to avoid legal penalties and ensure that you have the documents you need when you need them. You can establish a clear policy for document retention that outlines the types of documents you need to retain and the retention periods for each. This policy should be communicated to all stakeholders and followed consistently across the organization.

Properly managing strata documents involves maintaining accurate records and having a reliable system for retaining and disposing of them when necessary. It’s also essential to keep documents organized and easily accessible to those who need them, whether it’s strata managers, board members, or residents.

5. Digitize and automate document management processes

Digitizing and automating document management processes is a best practice that can help strata corporations manage their documents more efficiently. By leveraging technology to manage strata documents, you can reduce the risk of manual errors and increase efficiency.

Digitizing documents involves converting physical documents into electronic format, making them easier to access, search, and share. This can be done using scanning technology, which converts hard copies into digital files that can be stored in a central location. Once digitized, you can establish a consistent naming convention and folder structure to organize your documents, making it easier to search and retrieve them.

Automating document management processes involves using software tools to manage and automate document workflows, such as document routing, approvals, and notifications. This can help streamline the document management process, reduce delays and errors, and increase productivity.

Using digital signatures and document management software can also help automate document management processes. With digital signatures, you can sign documents electronically, saving time and eliminating the need to print, sign, and scan physical documents. Document management software can help automate workflows, track document versions, and ensure compliance with legal requirements and retention policies.

6. Ensure document security

Digitizing and automating document management processes is a best practice that can help strata corporations manage their documents more efficiently. By leveraging technology to manage strata documents, you can reduce the risk of manual errors and increase efficiency.

Digitizing documents involves converting physical documents into electronic format, making them easier to access, search, and share. This can be done using scanning technology, which converts hard copies into digital files that can be stored in a central location. Once digitized, you can establish a consistent naming convention and folder structure to organize your documents, making it easier to search and retrieve them.

Automating document management processes involves using software tools to manage and automate document workflows, such as document routing, approvals, and notifications. This can help streamline the document management process, reduce delays and errors, and increase productivity.

Document management software can help automate workflows, track document versions, and ensure compliance with legal requirements and retention policies.

7. Use electronic signatures

Using electronic signatures is a best practice for managing strata documents, especially when it comes to signing and approving documents like Form B and Form F certificates. Electronic signatures can streamline the document approval process, making it faster and more convenient for strata corporations.

Electronic signatures involve using digital signatures instead of handwritten signatures. They are legally binding and recognized by law in many jurisdictions, including British Columbia. Electronic signatures can be applied to documents in several ways, including through software tools, mobile apps, and cloud-based services.

By using electronic signatures, strata corporations can eliminate the need for physical signatures, saving time and reducing errors. Electronic signatures also allow multiple parties to sign the same document remotely, making it easier to obtain signatures from all required parties in a timely manner.

Using electronic signatures can also help track document versions and ensure that the right people have signed the document. This can help reduce the risk of errors, delays, and legal disputes.

8. Establish a clear approval process

Establishing a clear approval process is an essential best practice for managing strata documents effectively. A clear approval process ensures that documents are approved and signed by the right individuals, reducing the risk of errors, delays, and legal disputes.

The first step in establishing a clear approval process is to identify who needs to sign or approve each type of document. This can include board members, strata managers, and other stakeholders, depending on the document’s type and purpose.

Once you have identified the individuals who need to sign or approve the document, you can establish a clear process for obtaining their signatures. This can include setting up a specific order for signatures, establishing a timeline for signatures, and using electronic signatures to speed up the process.

It’s also important to establish clear guidelines for approving and signing documents. This includes setting up a process for reviewing documents, ensuring that they comply with legal requirements and retention policies, and verifying the accuracy of the information in the document.

In addition to establishing a clear approval process, it’s also essential to communicate this process to all stakeholders. This includes board members, strata managers, and residents. By communicating the approval process clearly, you can ensure that everyone is on the same page and can follow the process correctly.

9. Regularly review and update documents

Regularly reviewing and updating documents is an essential best practice for managing strata documents effectively. By reviewing and updating documents on a regular basis, strata corporations can ensure that their documents are up-to-date, accurate, and comply with legal requirements.

The first step in reviewing documents is to establish a schedule for document review. This can include reviewing documents annually or semi-annually, depending on the type of document and its importance. During the review process, it’s essential to verify that the documents are accurate and up-to-date.

During the review process, you can also identify any gaps or missing information in the documents. This can help ensure that all required information is included in the documents and that they are comprehensive and accurate.

Once you have completed the document review process, it’s important to update the documents as necessary. This includes adding new information, removing outdated information, and correcting any errors or inaccuracies.

By keeping documents up-to-date and accurate, strata corporations can ensure compliance with legal requirements, reduce the risk of errors, and increase efficiency.

10. Provide training to staff

Providing training to staff is a best practice for managing strata documents effectively. If you operate a strata management business, it’s important to train your staff on best practices for managing documents so they understand the importance of proper document management and how to handle documents correctly.

Training can include educating staff on the legal requirements for document management, such as the retention periods for different types of documents, and the importance of document security. It can also include training on how to organize and manage documents effectively, including establishing a folder structure and labeling system, and using software tools to automate workflows.

By providing training to staff, you can ensure that everyone in your organization understands the importance of proper document management and how to handle documents correctly. This can help reduce errors, increase efficiency, and ensure compliance with legal requirements and retention policies.

Training can also help staff stay up-to-date with changes in document management practices and technology. For example, training can be provided on new software tools for managing documents or new legal requirements for document retention.

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.

5 Important Reasons To Have A Depreciation Report

by StrataPress | Jan 20, 2023 | Strata Documents, Strata Living, Strata Management, Strata Owners

A depreciation report for strata corporations in British Columbia is a document that outlines the current condition and estimated remaining useful life of the common property and assets of a strata corporation. The report is typically prepared by a professional engineer or other qualified person, and is used to help the strata council plan for and budget for future repairs and replacements of common property and assets. The report also contains information on the replacement cost of the assets and the estimated reserve fund. This report is mandatory for Strata Corporations in British Columbia to have after 2010.

1. Planning and Budgeting

A depreciation report helps a strata corporation plan for and budget for future repairs and replacements of common property and assets. This information is critical for the strata council to make informed decisions about how to allocate resources and maintain the building.

Planning and budgeting are indispensable aspects of efficient strata management. A depreciation report is a valuable tool for strata councils to make informed decisions about the planning and budgeting of repairs and maintenance on common property or assets. Such a report provides detailed information, including estimated lifecycles and replacement costs, that can enable planning for both short-term repairs as well as long-term projects. Armed with this document, members of the strata council can work constructively to ensure that resources are allocated appropriately and that potential risks are addressed in order to maintain a high standard and integrity for the building.

2. Legal Compliance

In British Columbia, strata corporations are required to have a depreciation report after 2010. Failing to have one can result in legal penalties.

In British Columbia, strata corporations must take the essential step of obtaining a depreciation report after 2010 in order to stay compliant with legal standards. The penalties for not having one can range from suspension of strata services to financial fines – this could cost both time and money if penalties are incurred. Even though obtaining a depreciation report is mandated by law and can be intimidating, it is necessary to ensure that your strata property remains complaint and meets legal requirements.

3. Asset Management

Depreciation reports provide an overview of the current condition and estimated remaining useful life of the common property and assets. This information is useful for the strata council to prioritize repairs and replacements and to make informed decisions about the maintenance of the building.

Asset management is an important part of ensuring that a strata building remains value-driven, and depreciation reports provide a helpful overview of the current condition of common assets and properties in order to help the strata council make informed decisions. This ensures that strata owners can maintain their asset, with necessary repairs and replacements prioritized according to expected remaining useful life, thereby preserving its value over the long term. Asset management is integral to keeping buildings in safe, good condition.

4. Contingency Reserve Fund

Depreciation reports also provide information on the replacement cost of the assets and the estimated reserve fund. This information is important for the strata council to plan for how to fund future repairs and replacements and to ensure that the reserve fund is sufficient to cover the costs.

The contingency reserve fund and the accurate information it provides are essential for the effective financial planning of any strata council. Depreciation reports allow detailed, up-to-date insight on the replacement costs associated with maintaining the building, enabling council to budget life cycle expenses and plan future repairs. A reserve fund that is large enough to cover these costs can ensure that owners are not faced with unexpected levies or special assessments. It is also important to consider that good maintenance of shared property or buildings can help protect its value. With detailed reserve fund information available in depreciation reports, strata councils have the opportunity to best manage their resources for monthly budgets and anticipated expenditures.

5. Transparency and Fairness

Depreciation reports provide transparency to the strata owners about the condition of the building and the estimated costs of future repairs and replacements. This information is important for the strata owners to understand the financial health of the building and to make informed decisions about their investment in the property.

Transparency and fairness are essential in providing direction for strata management teams. By offering depreciation reports to strata owners, transparency enables them to understand the financial health of the building, make well-informed decisions about their investment in the property, and distribute shared budgeting costs equally among all owners. With this information being made available, it increases awareness and allows everyone involved to work together as a team towards common goals by having detailed data on hand. As a result, this helps foster a sense of communal transparency and equality throughout the property.

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 Documents: 6 Things to Consider

by StrataPress | Nov 10, 2022 | Strata Documents, Strata Living

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

by StrataPress | Nov 2, 2022 | Strata Documents, Strata Property Act

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?

by StrataPress | Oct 27, 2022 | Strata Documents

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

by StrataPress | Oct 25, 2022 | Strata Documents, Strata Property Act

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.