What Strata Documents Should You Read When Buying a Home..?

When purchasing a property in a strata complex, it's essential to review various strata documents to gain a comprehensive understanding of the property, the strata corporation, and your rights and responsibilities as an owner. Here are the key strata documents you should read before buying a home:

1. Strata Plan: The strata plan outlines the layout of the entire strata property, showing the location of individual units, parking spaces, common areas, and any limited common property (areas designated for exclusive use by specific units).

2. Form B Information Certificate: This document provides detailed information about the strata corporation and the specific unit you're considering. It includes:

• Current strata fees and any special assessments.
• A summary of the unit's parking and storage.
• Any legal disputes involving the strata.
• Information about bylaws and rules.
• Financial statements and the contingency reserve fund balance.

3. Bylaws and Rules: Strata bylaws outline the rules and regulations that govern the complex. These can cover aspects such as noise restrictions, pet policies, rental restrictions, and maintenance responsibilities. Rules can be developed and changed by the strata council.

4. Annual General Meeting (AGM) Minutes: Review the minutes from recent AGMs to gain insight into the strata's financial health, upcoming maintenance projects, and any concerns raised by owners.

5. Budget and Financial Statements: Examine the strata's budget to understand how funds are allocated for various expenses, including maintenance, utilities, insurance, and contingency funds. Financial statements provide an overview of the strata's income and expenditures.

6. Depreciation Report (if applicable): A depreciation report provides a long-term plan for the repair and replacement of common property components. It helps predict future maintenance costs and assists with planning strata fees and special assessments.

7. Rental Restrictions and Disclosure Statement: If you're considering renting out the property, check the rental restrictions outlined in the bylaws. Additionally, the disclosure statement provides essential information about the development and any risks associated with the purchase.

8. Minutes of Strata Council Meetings: Reviewing recent strata council meeting minutes can give you insights into ongoing issues, maintenance projects, and any concerns raised by owners.

9. Engineering Reports and Building Inspections: If available, review engineering reports or building inspections that assess the structural integrity of the complex. These documents can reveal potential maintenance or repair issues.

10. Insurance Information: Understand what insurance coverage the strata corporation provides and what coverage you, as an owner, are responsible for. This is particularly important given recent changes in the insurance landscape in certain regions.

Reviewing these strata documents before buying a home ensures that you're well-informed about the property, the strata corporation's financial health, and your rights and responsibilities as an owner. If you have any questions or concerns, consider consulting a real estate professional, a lawyer, or a strata specialist to help you navigate the complexities of strata ownership.