What is the required action for a buyer regarding strata property investigations?

For a buyer interested in strata properties, examining the bylaws and meeting minutes is crucial. This investigation allows the buyer to understand the rules governing the property and how the strata is managed.

Bylaws outline the rights and responsibilities of the owners and may include important details about pet ownership, rental restrictions, and common area usage. Meeting minutes provide insight into the strata council's decisions, current issues being faced by the community, and financial health, as they often discuss maintenance issues and upcoming projects or assessments that could impact costs for the owner.

Reviewing bylaws and meeting minutes equips the buyer with knowledge of how the strata operates and any ongoing concerns, which could significantly affect their decision to purchase the property. It ensures that the buyer is fully informed about what to expect in terms of governance and community dynamics, thereby enabling them to make a more educated investment decision.