By Ray Francis, REALTOR®, Royal LePage In The Comox Valley
Strata living is the fastest-growing slice of the Comox Valley market, and every strata purchase should be subject to reviewing the documents. Here is what Ray asks the listing agent for, and why.
The package
- Form B (Information Certificate): the strata's official statement of your unit's fees, the contingency fund balance, any special levies approved or proposed, and parking and storage allocations.
- Two years of minutes (council and general meetings): the running story of what the building is dealing with, from leaks to disputes.
- Depreciation report: an engineer's estimate of when major components need replacing and what it will cost. A report that is old or missing is a red flag on its own.
- Bylaws and rules: pets, rentals, age restrictions, renovations, barbecues.
- Financial statements and the budget: is the contingency fund keeping pace with the depreciation report?
- Insurance summary: the deductible on the building's water damage policy tells you how much personal insurance you need.
Red flags
A contingency fund far below what the depreciation report implies. Repeated mentions of the same leak or the same owner. Special levies discussed but not yet voted on. A building envelope study that was recommended and never done. None of these necessarily kill a deal, but they should change the price or your plan.
How Ray handles it
He orders the documents at offer time, reads them alongside you, and flags what matters before your subject removal date. If something needs an engineer's opinion, he will say so. It is the same care he takes on a detached home's inspection, applied to a building you will own a share of.