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Essential Questions to Ask When Buying a Condo in BC: Your Guide to Strata Ownership

This video is all about the right questions to ask when buying a condo in British Columbia (BC). Let’s talk:

🛠️ Common Property and Strata Management

Is the strata professionally managed or self managed?

📋 Rules, Bylaws, and Regulations

Do the bylaws, rules and regulations fit your needs?

We also reference Bill 44 and its effects on strata bylaws.

💲 Strata Fees, Budgets, and Funding Models

What are the strata fees?

How are strata fees being allocated? Are the amounts typical or are they higher or lower than we may expect?

What is the justification for strata fee allocations being higher or lower than expected?

How much money is in the contingency reserve fund and the operating fund?

What is the insurance history of the building?

🔍 Strata Document Review

When making an offer to purchase a condo, “subject to strata document review” is a crucial buyer’s subject included in the offer.

This allows the buyer to review the following documentation before deciding whether or not to proceed with the sale:

Form B Information Certificate—specific to the strata unit and containing information about the portion of strata fees that unit is responsible for, as well as additional information such as the number of parking stalls and storage units (if applicable).

Depreciation Report—provided by a professional third party company which includes an evaluation of the physical assets of the building, anticipated maintenance, repairs and replacement, and recommendations around funding models to effectively budget for the care and upkeep of the building.

Meeting Minutes—meeting minutes provide a snapshot of how the building is being managed, as well as insight into any disputes occurring within the strata, proposed amendments, upcoming maintenance, and more.

No matter what stage you’re at, we’re here to help.

CONTACT US:

250-634-2141 (call or text)

[email protected]

Thank you for being here,

Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents

*Personal Real Estate Corporation

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