If you own a condo or townhouse, the paperwork can slow your sale down more than anything else. Buyers in Victoria almost always make their offer subject to reviewing the strata documents, and if those documents take weeks to arrive, your deal sits in limbo.
The fix is simple: gather them before you list.
The documents buyers will ask for
Form B (Information Certificate). This comes from your strata manager or council. It shows your monthly strata fees, any special levies, the balance of the contingency reserve fund, and any legal action involving the strata. Buyers and lenders both look closely at it.
Bylaws and rules. Buyers want to know about pets, rentals, age restrictions and renovations before they commit. Include the bylaws plus any amendments.
Minutes. Council and general meeting minutes, usually going back about two years. This is where buyers spot problems: leaky windows, upcoming roof work, arguments over repairs, talk of a special levy.
Financial statements and the budget. These show whether the strata is well run and whether fees are likely to go up.
Depreciation report. This is a long-term plan for repairing and replacing the building's major parts. BC has tightened the rules, and most strata corporations now need an updated report every five years. Buyers are paying more attention to these than ever.
Strata plan. The registered plan showing your unit, parking, storage and common property. This also needs to be on hand for the listing.
Insurance certificate. Buyers want to see the building's coverage and the deductible, since a high deductible can land on an owner after a claim.
Why it pays to get them early
- Fewer surprises. If there's a special levy coming or a big repair in the minutes, you want to know before a buyer finds it, so we can price and plan around it.
- Faster deals. When the documents are ready, buyers can remove subjects quickly instead of waiting on the strata manager.
- Stronger offers. Buyers are more comfortable writing a clean offer when they can review everything up front.
How I handle it
When I list a strata property, I order the full set of documents as soon as we sign, organize them in one place and share them with buyers' agents after their showings. The goal is that no buyer ever has to wait on paperwork to make a decision.
If you're thinking about selling your condo or townhouse, or just want to know what's in your building's documents before you decide, give me a call.
Dan Juricic, REALTOR®
RE/MAX Camosun | 250-514-8261