Before you buy a strata property:
* Review Strata Council minutes for the past 12 months or more, along with by-laws, financial statements, Annual General Meeting minutes, and 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 by talking to the strata property manager to determine whether the building has a solid preventative maintenance program in place.
* Check the contingency fund since a portion of strata owners’ monthly maintenance fees must go into a “contingency fund” to pay for extraordinary repairs, such as a new roof or exterior painting. Find out if the contingency fund is large enough to cover any upcoming expenses.
* Review the Strata Property Condition Disclosure Statement which sellers are strongly encouraged to complete. It is a checklist about the property's condition. Buyers should carefully review it for any defects or potential problems. The statement can be legally incorporated into the Contract for Purchase and Sale.
* Investigate the warranty program and builder’s background, whether the condo is new or resale. Your REALTOR® can find out what type of warranty the building carries, noting the limits and duration of coverage. S/he may also be able to help you obtain background information about the builder/developer of the project.
* Hire a professional home inspector with proper accreditation and one who carries errors and omissions insurance to inspect the condition of the suite, common areas, and the overall building structure.
Many REALTORS® specialize in condominium sales, and have the needed experience to help you. Call The JOPSONS today if you would like help buying a Condo/Apartment, or if you have any further questions regarding the purchase process.
Direct: 604-626-1483
Email: info@thejopsons.com
Helpful Links
Strata Property Act and the Regulations
Strata Property Amendment Act, 2009
Homeowner Protection Office
This information was provided by and taken from the Real Estate Board of Greater Vancouver's Website
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