There have been too many times where a buyer is unaware of an upcoming levy for a repair or a condition in the bylaws they knew nothing about. As the new owner, you are frustrated that the seller did not inform you of this. Unfortunately, the buyers often come to realize that the information was in their hands all along but they failed to read all the documents that were given to them.
What to ask for
Most buyers begin with the Information Certificate (Form B), this form discloses:
- -The unit's current monthly strata fees,
- -Money owing by the owner,
- -Any agreements an owner has signed where they have taken responsibility for the cost of any alterations,
- -Amounts owed for a special levy that has already been approved,
- -Projections of deficits,
- -Balance of the contingency fund,
- -Approved bylaw amendments,
- -Any three- quarter votes approved,
- -Any court proceedings,
- -Any judgments or orders against the strata,
- -Work orders or notices on the strata lot,
- -Number of current rentals,
- -Parking stalls and storage lockers allocated to the strata lot,
- -Rules and current budget of the strata,
- -An owner developer's rental disclosure establishing exemptions,
- -The most recent depreciation report.
Reading the strata minutes should provide you with a sense of the strata business. Make a list as you read through them writing down any maintenance, emergencies, long-term planning decisions, insurance claims, and funding decisions. You should cross-reference everything you find with all the other documents you are given. Spending a few hours of your time could end up saving you money in the long run.
Check out the full article from REW.ca