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Are you thinking of buying or selling a condominium, townhome
or other property covered by the new Property Act? If so, it's
Important to be aware of the documentation Strata Corporations
must provide or you need to obtain to ensure you are making
informed decisions.
Some
of the key documents that Strata Corporations must prepare
and / or maintain under the Strata Property Act, and which
the Strata Corporations would be asked for when a property
is listed for sale by a Realtor, are outlined below - note
that this is not an exhaustive list.
Strata
Corporation Records
- Minutes
of annual and special general meetings, including the results
of any votes
- Strata
Council bylaws and rules
- Budget
and financial statements
- Correspondence
directed to the Strata owners by the Strata Council.
- Resolutions
that deal with changes to common property
- A
list of Strata Council members and owners
- Names
of tenants and assignments of voting or other rights by
landlords to tenants
- The
registered strata plan and any strata plan amendments
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Access
to Records
Under the Act, the Strata Corporation must make these and
other records available upon request and provide copies to
an owner, a tenant (who has been assigned a landlord's right
to inspect and obtain copies of records and documents), or
to a person authorized in writing by an owner (such as a Realtor)
or a tenant as outlined above.
The Strata
Corporation must comply with such a request within two weeks
unless the request is for copies of the bylaws or rules in
which case the Corporation must comply within one week.
Information
Certificate
Within one week of a request by an owner, buyer or authorized
person, the Strata Corporation must provide an Information Certificate
disclosing a wide range of information. This includes, but is
not limited to, the following:
- Monthly
strata fees
- Any
special levies that have been approved
- Any
amount by which the expenses of the Strata Corporation for
the current fiscal year are expected to exceed the expenses
budgeted for the year
- The
amount in the contingency reserve fund
- Any
amendments to bylaws
Remember,
your Realtor has the training, knowledge and expertise to
guide you throughout the buying or selling process so be sure
to check with him or her should you have any questions.
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