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Six Strata Documents Vancouver Home Buyers Should Ask For
by Maggie Chandler on April 5, 2011
in Buyers Tips
Fifty per cent of annual MLS sales are now strata properties in Greater Vancouver
If you are a potential buyer for a Vancouver real estate condo, here are some tips in order to make a thorough and educated investigation of a strata property before purchasing. Vancouver buyers are advised to carry out the following steps
- Review strata council minutes for the last 24 months, along with bylaws, financial statements, annual general meeting minutes, any engineering reports that may have been completed. Look for past problems, previous repairs, special assessments and upcoming expenditures
- Ensure a maintenance program is in place – ask the strata property manager whether the building has a solid preventative maintenance program in place
- Check the contingency fund – does the building have a contingency fund sufficient to cover any upcoming expenses? Stratas are required to put away a portion of monthly maintenance fees into a contingency fund to pay for extraordinary repairs
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- Review the strata property disclosure statement that sellers are required to complete. Look for defects or potential problems
- Investigate the warranty program and builder background and find out what type of warranty the building carries, noting the limits and duration of coverage
- Consult with a professional home inspector who will inspect the condition of the strata nit, common area and overall building structure
View a copy of the strata property amendment act, 2009
Read my other First Time Buyer and Investor Tips
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