February 7, 2020
Ten questions to ask a strata corporation
No strata corporations are alike when it comes to the common property and other assets it manages, which is why it's important to ask these questions before you buy.
- What bylaws and restrictions govern the property? Are there grandfathered clauses?
- What is the date of the last depreciation report? Is a copy available?
- Have engineering reports been done on the strata and are reports available?
- How much is in the contingency reserve fund? How are funds invested?
- How much are the monthly strata fees and what do they cover, for example, common area maintenance, recreational facilities, garbage collection, hot water, heat, cable?
- What repairs have been made in the last decade, for example, major plumbing, roof, windows?
- Have there been special assessments in the past five years? What did they cover and what was the cost per unit?
- What percentage of units are owner occupied? What percentage are rental?
- Is there pending litigation, for example, for leaky condominium repairs?
- How much is the insurance premium and how many claims have been made in the last five years?