Frequently Asked Questions
For your convenience here is a list of questions and answers regarding Strata living.
Owners should consider coverage for personal belongings, improvements to their suite and personal liability within your suite.
Improvements and Betterments:
It is wise to ensure that the limit of insurance purchased for improvements and betterments accurately reflects the replacement value of all betterments forming part of the strata lot whether or not such improvements or betterments have been acquired or installed by the current owners.
The Strata Corporations Insurance Policy will provide coverage for original fixtures built or installed in the strata lot by the developer as part of the original construction of the strata lot.
Strata Policy Deductible:We would suggest you explore a policy that provides coverage for the deductible of the Strata Corporation's policy if such deductible is assessed as the responsibility of the unit owner.
Personal Liability:This covers you when you are legally obligated for damages that occurred as a result of something that happened to a guest in your strata unit. It also covers damages caused by your personal activities or the deductible for damage to another strata lot. An example would be a water purifier installed as an improvement to your unit that caused water damage to another unit or strata common property.
Personal Belongings:This would cover personal property such as jewellery, contents and other valuable items.
When you call the office of Condex Property Management Ltd., you reach a 'person' who is helpful and courteous. Your call may be directed to accounting or to another person who is available and will respond to your enquiry. Your Property Manager spends time in the office on a daily basis and is personally available to speak with you.
If your Property Manager is on-site, a message can be left and your call will be returned on the same day.
Each strata has their own accounts with separate bank statements. All strata money is deposited directly into the individual strata bank account and all invoices applicable to your strata are paid directly from your individual strata account.
There are no pooled funds at any time.
Your Strata Council receives an Income and Expense Statement and Balance Sheet by the 15th of each month. This is supported by invoice copies, bank statement from Van City, bank reconciliation, journal entries, a list of all cheques printed, a listing of owner's maintenance deposits and accounts receivable.
Our financial statements comprise of the following components:
- Actual (current month)
- Actual (year to date)
- Budget (year to date)
- Budget (for the fiscal year)
In each of the above, data is broken down into information categories applicable to your strata corporation.
An extensive number of files are kept for each strata corporation. The Strata Property Act specifies required files. Condex provides a further detailed filing system with over 35 files for each property. Extensive capital expense records are kept for projects undertaken by the strata.
We work with a large number of established trades who provide timely service at competitive rates. We recognize capable and organized trades. We appreciate the work the trades do for our clients and have a good working relationship. Trades are paid twice a month as are all payables.
The Personal Information Protection Act came into effect in 2004. Condex has developed a Privacy Plan to address the privacy regulations and makes a commitment to protect personal information. We hold your information in a responsible way.
We are regulated by the Real Estate Services Act.
This Act is administered by The Real Estate Council.
Each management company must be licensed as a Brokerage and have in its employ an active licensed Managing Broker.
Condex will also have a licensed Associate Broker in December 2007.
Property Managers are licensed.
The Real Estate Council requires all management companies contribute to the Errors and Omissions Fund and to a Special Compensation Fund for the Brokerage and Property Managers.
The Real Estate Council requires an annual Accountants Report be submitted for review of the strata corporations trust accounts together with financial statements and a Brokerage Activity Report.