Purchasing a Strata Property can be complicated. Why? Simply put, "Units" or "Strata Lots" are purchased individually but you are also purchasing a portion of the total "Common Area" together with other owners.
Imagine buying a house with a group of strangers...Wouldn’t you want to know who they were, how the dynamics of responsibilities and liabilities work, and who was going to occupy which area?
Here's some information you should know:
The financial position of the development. Not a lot of money + upcoming repairs = money coming out of your pocket.
The day-to-day life of the development. Reading the minutes of the meetings helps you understand what is happening on a day-to-day basis.
The big Meeting (Annual General Meeting) of the year. This helps you understand what the strata has done for the previous year and what is coming up for the year ahead. This includes repairs, improvements, and expenses.
The Rules or Bylaws. Can you BBQ? Are you allowed to have children, pets (how many and what size), or even a live Christmas tree? Are there any age or rental restrictions?
Parking space(s) and locker(s). If you have them: Do you own them? Or are they leased? Are they assigned?
- Is the development Self-Managed or managed by a Property Management Company.
Do not rely on information given to you as heresay. Be sure to receive the appropriate, current documents and read them thoroughly. If you have questions, contact the managing individual and ask them for details.
In BC you can find out more information under the Strata Property Act.
Do you have a real estate question, Contact me.
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