As a buyer, there are going to be tons of documents you need to be aware of, and it's important to make sure you read them all. I understand it can be overwhelming, but your realtor can help with this. As professionals, we are very familiar with these documents and can guide you through the process to ensure you don’t miss any important information.

In this article, I will be providing you with details about some of the most important strata documents that deserve your attention.

Form B Information Certificate (Form B)

The "Form B: Information Certificate" provides essential details about a strata lot and the strata corporation, often requested by potential buyers. It's crucial to use the most up-to-date version of Form B, no older than 1 month, as it is regularly updated. As of April 1, 2023, the form must also include a summary of the strata corporation's insurance coverage.

Bylaws and Rules

In a strata, bylaws are the formal rules that cover how things are run and how owners and residents need to behave. They include things like who’s responsible for maintenance, whether pets are allowed, rental limits, noise control, and how common areas can be used. Bylaws need approval from most of the owners to be put in place.

Rules are more about everyday stuff like using shared spaces, visitor parking, or where smoking is allowed. These are easier to change and are set by the strata council. If there’s ever a conflict, bylaws will always come first over rules.

Strata Plan

A strata plan is a crucial legal document that defines how a property is divided into individual units (strata lots) and common areas shared by all owners. It goes beyond simply marking boundaries; it specifies who owns what and how responsibilities are divided. For example, it outlines the exact borders of your unit, showing where your ownership ends and shared spaces begin. It also details the common property, like hallways, parking, and amenities, which are jointly owned and maintained by everyone in the strata. Also, it assigns a unit entitlement, which determines how much each owner contributes to common expenses and how much voting power they have in decisions about the building. This document ensures that every owner understands their rights and responsibilities, making it a vital part of strata living.

Depreciation Report

A Depreciation Report is a useful tool that helps us understand the health of our strata building and plan for the future. It gives a clear picture of how long things like the roof, plumbing, and other shared systems will last and when they might need repairs or replacement. It also offers advice on how much money we should set aside to cover those upcoming costs, so we aren’t hit with any surprises. By keeping everything in good shape, we can ensure the building stays well-maintained and everyone knows what to expect down the road.

Strata Meeting Minutes

The Strata meeting minutes are a written summary of what happens during a strata council meeting. They capture key decisions, discussions, and any upcoming plans for the building or community. These minutes help keep everyone informed, even if they couldn’t attend the meeting, and provide a record of important issues like repairs, finances, or rule changes. It’s a simple way to stay updated on what’s happening in the strata and how decisions are being made that affect the building and residents.

These are the documents that you and your realtor should review closely to make a well-informed decision when buying a strata. Be sure to seek professional advice for peace of mind. Remember, our job is to ensure you're happy with your decision and avoid mistakes that could end up costing you money and time.

Thank you for reading, 

Your Realtor, Valeria Leal