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, recreational facilities, 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 deductible on an individual unit?