Before you buy a strata property:

• Review Strata Council minutes for the past 12 months or more, along with by-laws, financial statements, Annual General Meeting minutes, and engineering reports that may have been completed. Look for past problems, previous repairs, special assessments, and upcoming expenditures.
• Ensure a maintenance program is in place by talking to the strata property manager to determine whether the building has a solid preventative maintenance program in place.
• Check the contingency fund since a portion of strata owners’ monthly maintenance fees must go into a “contingency fund” to pay for extraordinary repairs, such as a new roof or exterior painting. Find out if the contingency fund is large enough to cover any upcoming expenses.
• Review the Strata Property Condition Disclosure Statement which sellers are strongly encouraged to complete. It is a checklist about the property's condition. Buyers should carefully review it for any defects or potential problems. The statement can be legally incorporated into the Contract for Purchase and Sale.
• Investigate the warranty program and builder’s background, whether the condo is new or resale. Your REALTOR® can find out what type of warranty the building carries, noting the limits and duration of coverage. S/he may also be able to help you obtain background information about the builder/developer of the project.
• Hire a professional home inspector with proper accreditation and one who carries errors and omissions insurance to inspect the condition of the suite, common areas, and the overall building structure.

Many REALTORS® specialize in condominium sales.

Helpful links
Strata Property Act and the Regulations (as of July 2010)  
Strata Property Amendment Act, 2009
Homeowner Protection Office