Buying or Selling a Strata Unit - Things You Should Know
Are you thinking of buying or selling a condominium, townhome or other property covered by the Strata Property Act? If so, it's important to be aware of the documentation Strata Corporations must provide or you need to obtain to ensure you are making informed decisions. Some of the key documents that Strata Corporations must prepare and / or maintain under the Strata Property Act, and which the Strata Corporations would be asked for when a property is listed for sale by a REALTOR®, are outlined below -- note that this is not an exhaustive list.
Strata Corporation Records
Access to Records
Under the Act, the Strata Corporation must make these and other records available upon request and provide copies to an owner, a tenant (who has been assigned a landlord's right to inspect and obtain copies of records and documents), or to a person authorized in writing by an owner (such as a REALTOR®) or a tenant as outlined above. The Strata Corporation must comply with such a request within two weeks unless the request is for copies of the bylaws or rules in which case the Corporation must comply within one week.
Within one week of a request by an owner, buyer or authorized person, the Strata Corporation must provide an Information Certificate disclosing a wide range of information. This includes, but is not limited to, the following: