We came across this Condo Smarts post by Tony Gioventu from Condominium Home Owners’ Association of British Columbia that highlights important considerations regarding replacing assets of phased developments. Read the full article below to learn more.
In March we bought a townhouse on Vancouver Island in a new development. We requested the normal documents and forms that are recommended by the realtors, but we overlooked one significant issue. The strata is a phased development. There are actually 8 phases to our development, and we purchased in the 7th phase which had already been sold by the developer in 2014. Our strata had a town hall meeting last week to talk about major construction that is coming up for the first phase of the development. The first phase is 8 years old and requires a new roof. Turns out there was a design/installation defect to the original roof, and it needs to be replaced before winter at a cost of $126,000. The construction doesn’t bother us, but we’re embarrassed that we didn’t realize this was a phased strata plan, nor did we understand the impact of buying into a phased plan and how that could impact us financially. We are both retired professionals and did everything right and still managed to be exposed. Is there any way of easily finding out if a strata is a phased plan?
Continue reading here
Read More From Condominium Home Owners’ Association of British Columbia.