Finding a Strata Unit is Half the Story

Buying a strata property involves more than choosing the right unit. It also means reviewing a set of documents that explain how the building is governed, funded, and maintained over time.
These documents — often referred to collectively as “strata documents” — are a standard part of the buying process. They can be lengthy, technical, and unfamiliar to many buyers, especially those purchasing a condo or townhome for the first time.
Understanding what these documents are, what they typically contain, and why they matter can help buyers make more informed decisions before completing a purchase.

Why Strata Documents Matter
Strata documents provide insight into how a building operates as a shared community. They
reflect past decisions, current financial conditions, and how issues are addressed collectively by the strata corporation.
While they can’t predict the future, they often reveal patterns — such as how maintenance is
handled, how finances are managed, and how governance decisions are made. Reviewing
them carefully is an important part of understanding what ownership in a particular strata may look like.

What’s Typically Included in Strata Documents
Although document packages can vary slightly, buyers are usually provided with a combination of the following:
Bylaws and Rules
These outline how the strata operates on a day-to-day basis. They often include rules around pets, rentals, age restrictions, renovations, and use of common areas. For buyers, this helps determine whether the building aligns with their lifestyle and long-term plans.
Financial Statements and Budgets
Financial documents show how the strata collects and spends money. Buyers can review
operating budgets, past financial statements, and contributions to the contingency reserve fund to better understand how the building is funded.
Council and AGM Meeting Minutes
Meeting minutes provide context around ongoing discussions and decisions. Repeated topics — such as maintenance issues, funding concerns, or disputes — can indicate patterns worth noting.
Form B (Information Certificate)
The Form B summarizes key information at a specific point in time, including strata fees,
disclosed special assessments, insurance details, and known legal matters. It’s a snapshot
rather than a guarantee, but it plays a central role in the review process.
Insurance Summary
Strata insurance documents outline what the building’s policy generally covers and where
individual owner responsibility may begin. This helps buyers understand the importance of
personal condo insurance.
Depreciation Report (When Available)
Depreciation reports outline major building components and anticipated repair timelines. These reports are planning tools designed to support long-term maintenance discussions.

What Buyers Often Look For When Reviewing These Documents
While every building is different, buyers often pay attention to:
● Consistency in how maintenance issues are handled
● Trends in expenses or reserve fund contributions
● Frequency of discussions around special assessments
● Ongoing disputes or legal matters
● Whether governance appears organized and proactive

One issue on its own is not unusual. Patterns over time tend to be more informative.

What Strata Documents Can — and Can’t — Tell You
Strata documents reflect information that is known and disclosed at the time they are prepared.
They don’t eliminate risk, guarantee future outcomes, or replace legal, financial, or technical
advice.
Their value lies in helping buyers understand context, history, and governance — so they can decide what feels acceptable to them as owners.

Guidance for Buyers Working with the Sold On Chilliwack Realty Team
For buyers who purchase a strata property through the Sold On Chilliwack Realty Team,
support with strata document review is part of how we guide clients through the buying process.
Our role is to help buyers:
● Organize and review the strata documents provided
● Understand what’s being disclosed in practical terms
● Recognize common themes or questions that may warrant further discussion
● Feel more confident navigating a complex but important step

We don’t provide legal or financial advice, and we don’t offer guarantees. What we do provide is steady guidance, clear explanations, and thoughtful support, so buyers can move forward with greater clarity.

If you’re purchasing a strata property and would like more information about how this process works when buying through our team, we’re always happy to talk it through.

Have more questions about the services we offer? We always have time for you. Email us at kelly@soldonchilliwack.com