There are half a million residential strata lots in British Columbia, commonly known as condominiums, in addition to commercial and mixed use stratas.
A strata subdivides a property into individual units (strata lots) and common property. Each strata owner has title to their individual unit plus a proportional share of the common property.
The approximately 29,000 strata corporations in BC operate and make decisions under the provincial Strata Property Act, a legislative framework based on democratic principles. The Act does not permit government to intervene in the affairs of a strata corporation or provide for the interpretation of the Act and Regulations.
Are you thinking of buying or selling a condominium, townhome or other property covered by theStrata Property Act? If so, it's important to be aware of the documentation Strata Corporations must provide or you need to obtain to ensure you are making informed decisions. Some of the key documents that Strata Corporations must prepare and / or maintain under the Strata Property Act, and which the Strata Corporations would be asked for when a property is listed for sale by a REALTOR®, are outlined below -- note that this is not an exhaustive list.
Under the Act, the Strata Corporation must make these and other records available upon request and provide copies to an owner, a tenant (who has been assigned a landlord's right to inspect and obtain copies of records and documents), or to a person authorized in writing by an owner (such as a REALTOR®) or a tenant as outlined above. The Strata Corporation must comply with such a request within two weeks unless the request is for copies of the bylaws or rules in which case the Corporation must comply within one week.
Within one week of a request by an owner, buyer or authorized person, the Strata Corporation must provide an Information Certificate disclosing a wide range of information. This includes, but is not limited to, the following:
Remember, your REALTOR® has the training, knowledge and expertise to guide you throughout the buying or selling process so be sure to check with him or her should you have any questions.
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