When buying or living in a strata property, reviewing strata documents is critical to understanding how the community is run, its financial health, and any potential risks. Here’s a top 10 list of essential strata documents you should be aware of:
1. Strata Meeting Minutes
These documents record discussions and decisions made during the strata’s council meetings. They can reveal ongoing issues, planned maintenance, or upcoming expenses. Reviewing the past two years of meeting minutes gives a sense of how the strata operates and the building’s condition.
2. Strata Bylaws
Bylaws outline the rules that owners and residents must follow, such as policies on pets, rentals, noise, and smoking. It’s crucial to understand these to avoid conflicts after you move in.
3. Strata Budget
The budget outlines how the strata plans to allocate funds for maintenance, repairs, and day-to-day operations. It gives a clear view of the financial health of the strata and helps to assess whether fees are reasonable.
4. Form B Information Certificate
Form B is a standard document in BC that provides a summary of the strata’s financial status, any outstanding legal actions, insurance coverage, and whether any special levies have been imposed. This is a key document when purchasing a strata property.
5. Annual General Meeting (AGM) Minutes
AGM minutes provide an overview of major decisions voted on by owners, including budget approvals, upcoming repairs, and changes to bylaws. It’s an essential read to see what’s happening on a larger scale within the community.
6. Depreciation Report (Reserve Fund Study)
This report evaluates the long-term maintenance needs of the strata building(s) and estimates costs for major repairs or replacements (like roofing, elevators, or plumbing). It helps determine whether the strata is financially prepared for future expenses.
7. Special Levies
If the strata council has imposed special assessments (extra charges to cover unexpected costs), these should be documented. Review any assessments from the past and inquire about potential future levies to avoid surprise costs.
8. Insurance Certificate
This document outlines the insurance coverage for the strata’s common areas, including liability, water, flood, and earthquake insurance. Knowing the coverage details is essential to ensure your personal insurance policy fills any gaps.
9. Rules
Strata rules are less formal than bylaws but still enforceable. They can include guidelines on things like parking, use of common areas, and visitor policies. Rules are often updated between AGMs, so it’s important to be familiar with them.
10. Engineering Reports
These documents provide recommendations for upkeep for the building, and are often prepared on issues of particular concern to a given strata. These can be on the building envelope, plumbing system, electrical, roof, windows, elevator, parking or structure, among others.
Strata Documents at a glance
The package of strata documents can be hundreds of pages, so we built Eli Report to help you digest the key aspects of a community from the top 10 strata documents. If you are an owner, buyer, or realtor, sign up and try it!