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Strata Disclosure Document

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STRATA DISCLOSURE DOCUMENT

Parties and Property

Seller / Owner Name:

Purchaser / Prospective Buyer Name:

Strata Corporation Information

Strata Plan Number:

Registered Strata Corporation Name:

Financial Information

Regular Strata Fee (per unit): Frequency:

Date of Last Fee Increase:

Special Levies Currently Approved or Proposed: Yes No

Bylaws, Rules and Use Restrictions

Number of Units in Strata:

Rentals Permitted: Yes No    Short-term / Vacation Rentals Permitted: Yes No

Pets Allowed: Yes No    Alterations to Common Property Require Approval: Yes No

Bylaws Strata Plan Minutes (last 2 years) Audited Financial Statements Depreciation Reserve Report

Insurance, Claims and Physical Condition

Strata Insurance Coverage Description:

Policy Deductible (per event):    Last Insurance Renewal Date:

Outstanding Insurance Claims or Settlements: Yes No

Inspections, Reports and Litigation

Depreciation or Reserve Study Completed: Yes No

Pending or Threatened Litigation Against the Strata Corporation: Yes No

Additional Disclosures

History of Structural or Water Intrusion Damage: Yes No

Outstanding Maintenance or Deferred Maintenance Items: Yes No

Certification and Acknowledgement

The undersigned Seller certifies that, to the best of Seller's knowledge after reasonable inquiry, the information set forth in this Strata Disclosure Document is true, complete and correct as of the date of signing. Seller further certifies that all material documents identified herein have been provided to the Purchaser or will be made available prior to closing.

Seller understands that failure to disclose material strata information may give rise to remedies available at law or in equity, including rescission, damages, or indemnity for the Purchaser's losses incurred as a result of undisclosed material defects or obligations.

The undersigned Purchaser acknowledges receipt of this Strata Disclosure Document and all documents indicated as provided, and acknowledges that Purchaser has had the opportunity to review strata bylaws, financial statements and other available reports prior to completing any purchase.

Seller / Owner

Printed Name:

By (Signature):

Date:

Purchaser / Buyer

Printed Name:

By (Signature):

Date:

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What a Strata Disclosure Document Is and when it's used

A Strata Disclosure Document summarizes ownership, governance, financial and legal details for a unit in a condominium, cooperative, or similar common-interest community. It typically includes bylaws, budgets, insurance coverage, outstanding special assessments, pending litigation, minutes or summaries of board actions, and recorded encumbrances. Sellers, listing agents, title companies, lenders, and prospective buyers use the disclosure during sale and escrow to assess liabilities and obligations tied to the unit and the association. The document supports informed decision-making in the transaction and can affect financing or the buyer's right to rescind under certain state laws.

Why accurate strata disclosures matter

Clear, complete disclosures reduce closing delays, limit post-closing disputes, and surface financial or legal risks tied to the association. Proper disclosure supports lender underwriting and helps buyers evaluate ongoing costs such as dues and special assessments.

Why accurate strata disclosures matter

Who prepares and relies on a Strata Disclosure Document

Multiple parties interact with strata disclosures during a residential resale or new-unit transfer.

  • Listing agents and sellers — compile association records, bylaws, and recent financial statements to meet disclosure obligations and avoid post-sale claims.
  • Buyers and buyers' agents — review documents to confirm monthly/annual assessments, insurance scope, and pending association actions that affect value or habitability.
  • Title companies and lenders — verify liens, recorded covenants, and any encumbrances that could impede closing or loan approval.

In some states the association or property manager must supply the disclosure directly; in others the seller or agent initiates the request.

Core sections to include in a professional disclosure

A complete Strata Disclosure Document groups governance, finances, obligations, and legal status so recipients can evaluate ongoing costs and risks without multiple follow-up requests.

Association governance

Provide the association name, contact for the managing agent or board, bylaws and articles of incorporation, and voting or special assessment rules for owners.

Financial statements

Include current operating budgets, most recent balance sheet, reserve study or reserve balance, and descriptions of regular dues and any outstanding special assessments.

Insurance coverage

State the association's master insurance policy limits and deductibles, what the policy covers versus owner responsibility, and claims history if material.

Pending litigation

Disclose pending lawsuits or threatened claims involving the association that could result in assessments or liens against owners.

Recorded instruments

List CC&Rs, easements, recorded liens, and any recorded amendments that affect title, use, or transfer of the unit.

Meeting minutes

Provide recent board meeting minutes or a written summary of decisions that affect assessments, special projects, or changes to association rules.

Step-by-step: completing a Strata Disclosure Document

Follow a consistent sequence to collect records, confirm figures, and deliver the disclosure to the buyer and title parties.

  • 01
    Collect records: Gather bylaws, budgets, insurance declarations, liens, and recent minutes.
  • 02
    Verify figures: Confirm dues, reserves, and any assessments with the association's treasurer or manager.
  • 03
    Prepare disclosure: Populate the template fields and attach supporting documents.
  • 04
    Deliver to parties: Send to buyer, lender, and title company and retain proof of delivery.

How to set up an online workflow for the disclosure

Configure a repeatable e-workflow to request, approve, and deliver disclosures while preserving an audit trail and attachments.

Field Configuration
Document template Create a reusable template with required fields and attachments prompts.
Approval step Add an internal reviewer for finance and legal sign-off before distribution.
Signer authentication Require signer email verification or stronger authentication per transaction risk.
Delivery Send signed PDF plus certificate of completion to buyer, title, and seller copies.

Where and how to send the completed disclosure

Route the completed disclosure to all stakeholders and keep a timestamped record of delivery and receipt.

  • Buyer and agent: Deliver a full PDF during escrow or the buyer's due diligence period.
  • Title company: Provide copies to allow lien and title review before closing.
  • Lender: Share financial data necessary for underwriting and escrow instructions.
  • Association: Retain a copy for association records and governance continuity.

Digital delivery and eSignature considerations

Use an eSignature platform that preserves an audit trail, supports attachments, and meets applicable compliance for the transaction.

  • Document formats: PDF and Word DOCX are standard for attachments and preservation.
  • Authentication options: Email verification, SMS codes, or stronger KBA depending on risk.
  • Audit trail: Timestamp, IP address, and action log must be retained for enforceability.

Ensure the chosen platform can store attachments, export a certificate of completion, and, where applicable, support notarization or remote online notarization workflows.

Common timing checkpoints in a transaction

Use the transaction timeline to target when the disclosure must be requested, prepared, delivered, and reviewed to avoid closing delays.

Request early:

Ask the association for documents at listing or early in escrow to avoid rush fees.

Deliver during due diligence:

Provide the buyer with disclosures within the buyer's review period per escrow instructions.

Allow time for follow-up:

Reserve days for clarifications, corrected figures, or additional attachments the buyer requests.

Final delivery:

Supply a final executed set to title and lender before closing.

Recordkeeping:

Store final signed PDFs and certificates of delivery in escrow and association records.

Frequent preparation mistakes to avoid

  • Outdated financials — supplying prior-year budgets that omit recent special assessments or reserve shortages causes buyer disputes and lender rechecks.
  • Missing attachments — omitting bylaws, recorded CC&Rs, or recent minutes forces repeated requests and delays closing timelines.
  • Inaccurate signatures — unsigned or unsigned-by-unauthorized-person disclosures can be rejected by title or lender and may require re-execution.
  • Vague assessment descriptions — failing to specify amount, purpose, or payment schedule leads to underwriting uncertainty and potential rescind options.

Consequences of incomplete or incorrect disclosures

Delayed closing: Escrow and lender approvals can be postponed.
Rescission risk: Buyer may have rights to cancel if material facts were omitted.
Liability exposure: Seller or association faces post-closing claims.
Underwriting denial: Lenders may pull financing if financial statements are unreliable.
Recording issues: Unrecorded liens or errors can create title defects.
Regulatory fines: Some states impose sanctions for statutory disclosure violations.

Comparing eSignature vendors for delivering strata disclosures

When choosing an eSignature provider for delivery and signature capture, compare price, bulk send capability, audit trail features, HIPAA support where needed, and any envelope or session caps that affect volume.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial Yes, 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No envelope cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Real-world examples of digital disclosure workflows

Two short examples show how digital delivery and platform choice reduce friction in resale transactions.

Martin Properties

Tim Martin used online disclosures to accelerate closings in his portfolio

  • Quick online access to minutes and budgets reduced follow-up requests
  • The ability to deliver signed PDFs and an audit trail helped underwriters approve loans and avoided two delayed closings.

Optica Ventures LLC

Optica centralized association documents for investor reviews

  • Central repository with versioned disclosures saved time during diligence
  • Standardized templates and timestamped delivery reduced review cycles and improved transaction predictability for buyers and lenders.

Common questions about using and delivering a Strata Disclosure Document

Answers to frequent questions about validity, e-signatures, signing authority, and correcting errors.


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