I just sat in on a great course clarifying Depreciation Reports that will be taking place in all Strata buildings throughout Vancouver's lower mainland.
Under new regulations, depreciation reports were introduced to help owners, in Vancouver's lower mainland, plan for the requirements for their common property and common assets. The reports will be based around;
The financial position of the strata corporation. For example, how much money is there now and how much should be planned for future expenses.
Any obligations, repairs and maintenance of the Strata Corporation and common property. Our speaker gave us an example that in one instance a report discovered that there was a charge on title obligating the strata corporation to maintain in good repair a wood bridge that crossed a river bordering the development ($$$$)...
The author of the report will have to disclose whether they have errors and omissions insurance, whether they have an interest in the strata corporation and their qualifications in preparing the report.
Depreciation reports are exempt to strata corporations with under 5 units or if there is an annual 3/4 vote to not partake.
A new report is required every three years.
Who will be the best person to interpret the reports...the strata corporation and the author of the report itself?
My thoughts on this...Great! It will be useful to present owners so that they can manage their asset and valuable to buyers so they can make an informed decision on whether to buy into the development or not.
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