When purchasing a strata-titled property, a thorough review of strata documents is essential. But where do you start? Here’s a step-by-step guide to obtaining the necessary documents.
1. Obtain Authorization and Contact Information from the Seller
The seller should provide authorization and contact details to request strata documents. As the current owner, they have the right to access this information from the strata corporation.
Self-Managed Stratas – Contact information is typically available for the strata council, usually the president or secretary.
Professionally Managed Stratas – The property management company is the primary point of contact.
2. Request the Necessary Documents
Not sure what to ask for? Here's a Strata Documents Checklist providing a comprehensive guide to the essential documents buyers should review before making a decision:
- Form B (Should be no older than 1 month)
- Financial Statements (Ideally within 2 months old)
- Depreciation Report
- Insurance Certificate Bylaws (Officially filed version)
- Rules Strata Plan Form V: Schedule of Unit Entitlement (For stratas built post-2000)
- Annual and Special General Meeting Minutes (For the last 2 years)
- Annual and Special General Meeting Notice Packages (For the last 2 years)
- Strata Council Meeting Minutes (For the last 2 years)
- Professional and Engineering Reports Warranty Certificate (If the building is within 10 years old)
- Any correspondence related to the strata lot General Index (To be obtained from LTSA)
3. Ensure All Documents Are Included
Once you receive the document package, verify that nothing is missing. Over 90% of the packages we receive are incomplete, so don’t assume you have everything.
Even if the strata corporation uses an online document hosting platform, all necessary documents may not be uploaded. If a document is not available online, it may still exist and should be requested.
Note: Some online platforms require membership in a real estate board. However, strata corporations and management companies are still legally obligated to provide documents upon request.
4. Follow Up on Missing Documents
If documents are missing, contact the appropriate party—either the strata council or the management company—to request them.
5. Consider Strata Sections
If the strata corporation has sections established by the bylaws, request documents for both the main corporation and the relevant section. Each operates as a separate legal entity with its own minutes, financials, depreciation reports, Form Bs, and other records.
Final Tip
Obtaining all necessary strata documents may take time, but it is a crucial step in helping buyers make informed decisions. Being thorough ensures transparency and avoids potential surprises down the road.
If you're in the process of buying into a stratified building or if you want to sell your strata property, send me an email at jdeocampo@rennie.com and let's have a conversation of how we can make your dreams come to true!
