One of the unique aspects of owning a condominium in a development owned by a strata corporation (also known as a condo corporation or co-ownership) is the fact that you are essentially becoming part of a community of owners. Like in any community there are rules, in this case spelled out within the corporation’s strata documents.
As an owner you will have a say in the development of your community and will (through your strata fees) be paying for maintenance, upgrades and other improvements. Those obligations will be spelled out in the documents that are included with your purchase.
Strata documents will typically contain such pertinent information as:
– The minutes of strata corporation annual general meetings, normally for the past two years.
– The design and layout of the complex and its strata plan.
– A corporate budget and breakdown of accounts.
– A list of the strata’s rules and bylaws.
– Information on storage and parking.
– A depreciation report of the overall complex.
It’s vitally important to know the fiscal and physical health of the project you are buying into. While not a crystal ball into the future, accurate documents will provide a realistic picture of the commitment you, as an owner, are making in your new community.