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Blog by Kevin Wong

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Strata Corporations Required To Have Mandatory Depreciation Reports

All strata properties in British Columbia, greater than four units, must have a common property depreciation report completed by December 13, 2013, detailing the assets, their condition, the timing and cost of replacement and a payment plan.

This welcome requirement will be of extreme help to homeowners looking for condos and townhouses in making informed decisions. At times, the strata meeting minutes can be vague and unless the repairs are major or to be completed within a short time, it may not be listed at all. Future repairs can only be alluded to, but with the mandatory depreciation reports, future costs can at least be planned for beforehand.

Even though your real estate agent will read all the strata documents provided, its always best for buyer's to educate themselves for ownership, so be prepared for some light reading.

Hopefully most strata corporations will comply as any strata corporation may consider exempting itself by passing a 3/4 vote resolution among its owners.

Visit the Condominium Home Owner's Association for details.