2.3 STRATA

Question 1

Who owns the common property?

Answer 1

owned by the owners.

Question 2

What does the strata council do?

Answer 2

enforces bylaws and rules on behalf of corporation

Question 3

What is the strata coroporation?

Answer 3

group of owners as one entity. duty is to manage, maintain, insure and repair common area. They can sue or be sued all owners are liable

Question 4

How many votes does each lot get?

Answer 4

one shared vote

Question 5

What’s in th eoperating fund?

Answer 5

common expenses 1 or more tiimesa year

Question 6

Duty of strata corporation

Answer 6

Repair and maintain, insure common assets, keep records, establish contingency fund and operating fund

Question 7

Is it easier to finance a condiminum or a coop

Answer 7

Condiminium is easier to finance

Question 8

the interest that is acquired by a purchaser of a strata lot is

Answer 8

a fee simple interest, as a tenant in common with the other strata lot owners