Monthly Archives: November 2013

Form B and Parking

If you have ever purchased a strata property you know how confusing the parking designation can be. Designations can include LCP (Limited Common Property), Common Property with spot assigned by Strata, and may also include a lease. Starting in January 2014 the Strata Form B document will have to include the parking information. It is always prudent to verify the information by viewing the Strata Plan, Common Property Title & General Index. This information is publicly available by visiting the Land Title Office. The General Index is particularity important is it may show a change in designation not evident on the Strata Plan. As an example parking may change from Common Property to Limited Common Property by way of a general resolution, outlined in the General Index.

Depreciation Reports for Strata

Russell Cass from Home Check was here this morning to give us a better insight on depreciation reports. Some of the points Russell made were:

a depreciation report is nothing more than a home inspection with a maintenance budget
a report is good for 3 years
these reports are often difficult to read. As a Buyer it may be prudent to have a third party analyze and explain the document. [Ask me, I can help!]
a Strata can vote against having a depreciation report done but they have to revisit that every 18 months
*STRATA REGULATION REQUIREMENTS OF A DEPRECIATION REPORT
Persons Name
Qualifications
E&O or Statement of NO cover
Relationship with Strata if any
Date
Must state site was visited

Technical Info:
Building Structure
Exterior- Roof, Roof Decks, Doors, Windows, Skylights
Systems- Electrical, Heating, Plumbing, Fire Protection, Security Systems
Common Amenities and Facilities
Parking Facilities and Roadways
Utilities, including water and Sewage
landscaping, including Pathways, Sidewalks, Fencing, Irrigation
Interior Finishes including Floor Coverings and Furnishings
Green Components
Balconies and Patios
Identify Common and Limited Common Property that the Lot owner is Responsible to maintain and not the Strata

Financial Information

Financial Forecasts
Anticipated maintenance/Repair (more than annual)
Replacement Costs (more than annual)
Projected 30 years (use current or previous year financials)
Describe Factors and Assumptions, Interest Rates, Rate of Inflation
Describe Contingency Contributions
Balance in Contingency Fund (minus funds allocated but not removed)
Projected over 30 Years
Beginning with Current or Previous Fiscal Year
Show either or any of a) Fund Balance and Withdrawals b) Special levies c) Borrowings

*As interpretted by Russel Cass of Home Check