MORTGAGE RESOURCES | STRATA MINUTES AND AGM

WHAT ARE STRATA MINUTES?

The strata council acts as the managing body for the strata corporation. There are certain rules and regulations that each strata council must abide by as set out by the Strata Property Act. One of these rules is to keep minutes from each meeting. These minutes outline past, present, and future concerns with the building. Additionally, strata councils are required by the Strata Property Act to hold an Annual General Meeting.

WHY DO LENDERS REQUIRE STRATA MINUTES?

Lenders require strata minutes to identify any current or upcoming issues with the property.

HOW CAN I OBTAIN STRATA MINUTES?

Typically, the seller will provide the buyers realtor with the minutes. If there is no realtor on the transaction then the minutes can be asked for from the seller or the strata management company.