Chapter 7 – Strata Properties (Condominiums) and Cooperatives in British Columbia Flashcards
What is unit entitlement?
The number assigned to a strata lot is used to determine the owner’s proportionate ownership in the common property and the strata expenses and liabilities for which the owner is responsible
What is a limited common property?
Common property designated for the exclusive use of the owners of one or more strata lots
What is short-term exclusive use?
A special privilege granted to owners and tenants to exclusively use common property that is not designated limited common property
What is a strata corporation?
A legal entity created by the deposit of a strata plan in the land title office. The corporation’s responsibilities are set out in the Strata Property Act and include the duty to manage, repair, maintain, and insure common property and common assets
What is a Section a legal entity?
Often described as a “mini strata corporation”, comprised of strata lots that share similar characteristics. Sections have their own executive and are created to represent the owners of specifically identified strata lots
What is a certificate of payment?
a document that informs a buyer of a strata lot whether there is any money owing to the strata corporation in respect of a strata lot
What is a council?
An executive body elected by the strata lot owners to carry out the duties of the strata corporation and oversee its affairs. Generally speaking, only strata lot owners are eligible to sit on the council
What is a interim budget?
A budget created by the owner developer that governs the finances of the strata corporation until the first annual general meeting?
What is a contingency reserve?
A fund maintained by a strata corporation for common expenses that usually occur less often than once a year or that do not usually occur. The Strata Property Act requires both developers and the strata corporation to make contributions to the fund
What is a special levy?
An additional contribution applied against owners by the strata corporation, usually for unexpected expenses. Depending on how the special levy is proportioned between strata lots, approval will require either a ¾ vote or a unanimous vote
What is a depreciation report?
An estimation of the repair and replacement cost for major items owned by the strata corporation and the expected life of those items
What is a lien?
A claim or charge on real or personal property for the payment of some debt, lien obligation, or duty
What is bylaws?
In the context of a strata, the strata corporation’s constitution that provides for the control, management, maintenance, use, and enjoyment of the strata lots, common property, and common assets of the strata corporation, and for the administration of the strata corporation
What are Strata rules?
In the context of a strata, optional, informal regulations made by strata councils to govern the use, safety, and condition of the common property and common assets
What is a rental disclosure statement (RDS)?
A form prepared by the owner developer of a strata property containing information about the rental of strata lots that must be filed with the Superintendent of Real Estate before the first strata lot is offered for sale
