Aug 06, 2013 : 23:08 PM

• Ten questions to ask a strata corporation

  Ten questions to ask a strata corporation

  1. What bylaws and restrictions govern the property? Are there grandfathered clauses?

  2. What is the date of the last depreciation report? Is a copy available?

  3. Have engineering reports been done on the strata and are reports available?

  4. How much is in the contingency reserve fund? How are funds invested?

  5. How much are the monthly strata fees and what do they cover, for example, common area maintenance, recreationalfacilities, garbage collection, hot water, heat, cable?

  6. What repairs have been made in the last decade, for example, major plumbing, roof, windows?

  7. Have there been special assessments in the past five years? What did they cover and what was the cost per unit?

  8. What percentage of units are owner occupied? What percentage are rental units?

  9. Is there pending litigation, for example, for leaky condominium repairs?

  10. What is the deductable on an individual unit?

  
  

  Source Real Estate of Greater Vancouver