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Professional Standards Manual

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5. Strata Sales

(b) Obtaining Information - View Entire Section

(II) Strata Documents - View Subsection
(3) Additional Strata Corporation Documents - View Sub-subsection
(i) Documents to Request and their Significance

Licensees should obtain a copy of the following documents, in addition to the Form B that is discussed above, at the time of listing a strata lot. This can be achieved by obtaining written authority from the seller as discussed above.

(This is an opportunity for licensees to negotiate who will be responsible for the cost of obtaining these documents.)

  • minutes — 24 months’ minimum — strata council meetings, annual general meeting(s), special general meeting(s), and meetings of the executive or the members of any section to which the strata lot belongs. Request written verification from the strata property manager, the strata council or, if a section exists, the executive of the section, that the information received represents complete copies of minutes requested;
  • current bylaws of the strata corporation and any section to which the strata lot belongs;
  • current financial statements of the strata corporation and any section to which the strata lot belongs;
  • the registered strata plan, any amendments, and any resolutions dealing with changes to common property. It is recommended that the listing licensee obtain the strata plan from the Land Title Office prior to listing the strata lot. The strata plan is necessary to identify the features associated with the strata lot, such as balconies and decks, and their designation. The strata plan also indicates the area of the strata lot and the designation of parking and storage. The strata plan can then be provided to the buyer with the other documents requested. If the licensee choses to obtain a copy of the strata plan from the strata corporation, the licensee should ensure that the strata plan obtained is a copy of the registered strata plan and not a copy of the unregistered strata plan that was included in the developer’s disclosure statement;
  • information about any additional fees charged by the strata corporation, over and above the monthly strata fee, for parking, storage or other features;
  • information regarding any building warranty that may be applicable;
  • municipal occupancy permits and/or final inspection permit;
  • correspondence to owners from the strata council over the last 12 months;
  • copy of the strata corporation’s insurance cover note. The insurance cover note should be used to identify the insurance deductible that the strata corporation must pay in the event of various losses caused by events such as fire or water escape. If a deductible is high, particularly for water escape, a buyer should be encouraged to make further inquiries of the seller as to the number of claims that have been made and the reason for the claims;
  • building envelope inspection reports, engineering reports or remediation reports, if any; and
  • legal opinions, if any.

Licensees should use a checklist coversheet, in duplicate, when providing a copy of the above-noted documents to interested buyers or their agents. The checklist coversheet should include the following information:

  • a description of each document included (e.g., minutes of the meetings of the strata council with meeting dates noted);
  • the dates the documents were received by the listing agent (to confirm the point in time at which the information is current);
  • the source of each document (e.g., the strata corporation, its strata manager, the Land Title Office, etc.);
  • a statement that if the person to whom the documents are provided is concerned about the currency of the information provided, or any matters contained within the information provided, they should seek independent verification and/or advice.

A sample checklist coversheet, called the “Receipt of Strata Corporation Documentation Form” can be downloaded from the Council’s Forms webpage. With this checklist coversheet in duplicate, licensees should have the person receiving the information acknowledge receipt in writing on the top copy, including the date the information is received. The top copy can then be retained by the licensee as a record of what information was provided to whom on what date. The second copy should be provided, along with the documents, to the person who has requested the information.