Strata Corporations Required To Have Mandatory Depreciation Reports
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.