I've recently been working on condos both as a listing and as a Buyer's agent and am quickly reminded how important it is to be fully aware and informed about your Strata as an owner or potential Buyer and as a Realtor. Some of the common problems are:
assuming that maintenance fees should be as low as possible without thinking through the long term effect of a possibly underfunded building
small stratas that don't follow the Strata Property Act fully because everyone gets along-it only takes a new owner to throw that off
anecdotal information about Rules & Bylaws without checking to see if they are in fact, in writing.
not attending or voting by proxy at AGM's where voting is required to approve new Bylaws & spending
not asking questions and fully reading the Strata documents before purchasing-check to see if concerns raised on inspection are covered in the Minutes. ie If the roof is getting to the end of its life, is there a maintenance plan in place to extend that and a financial plan in place to fund the replacement?
These few will just give you an idea of what to consider. A quick reference for owners and buyers is Condo Home Owners' Association atwww.choa.bc.cawhich includesall the most recent legislation and much more.
