Strata Properties And Co-ops In BC

Question 1

Strata plan

Answer 1

-Designates strata lots and common properties
- Cannot deposit in land title office unless developer obtain required approval
- subdivide building

Question 2

Strata Corporation

Answer 2

-deposit of a strata plan whose members are owners of the strata lots in strata plan.
-collectively, the group of owners as one entity, once strata plan has been deposit in the land title office
Duty: manage, maintain, insure & repair common area

Question 3

Bare land strata plan

Answer 3

• regulation to identify as such in the strata plan itself
• may subdivide bare land

Question 4

Unit entitlement

Answer 4

The figure used to calculate a strata lot owners contribution to the common expensive

Question 5

Purchases interest

Answer 5

Free sample for strata lots & tenants in common for common property

Question 6

Property tax

Answer 6

Each strata lot owner must pay his own property taxes + share of common property

Question 7

Common property

Answer 7

Any property NOT designated as a strata lot owned by owners

Question 8

Short-term exclusive use

Answer 8

A special privilege granted to owner and tenants to exclusively use common property that is designated limited common property

Question 9

Duties of strata corporation

Answer 9

-manage
-repair and maintain
-insure common assets
-keep records
-extinguish contingency and operating funds

Question 10

3 types of Funds

Answer 10

-operating funds (1 or more times per year)
-contingency funds (less then once a year)
-special levies (each owner must pay portion)

Question 11

Purchases can obtain strata corporation records by:

Answer 11

-information certificate (form A)
-certificate of payment (form F)

Question 12

Starts council

Answer 12

• enforce its bylaws and rules on behalf of the corporation

Question 13

1st Annual Meeting

Answer 13

-20 days written notice advance notice
-exercise the powers of and perform the duties of the strata corporation
-20% shares in strata entitles to call a special general meeting demand in writing

Question 14

Strata Corporation can:

Answer 14

-Enforce bylaws and rules (must be filed in the land title office)
-create rules to manage common property
-prohibit rental
-sue persons against the corporation has legal claim
- remove owners right to use some common property
-lien for unpaid strata fees (not fines)

Question 15

Owners Remedies:

Answer 15

• sue strata corporation
  -court may order the appointment of administrator
  -obtain mandatory injunction
  -right to apply to the Supreme Court of BC for an order for strata to comply with strata property Act
  Owners cannot:
  -withhold payments
  -file a lien against the strata corporation

Question 16

Bylaws

Answer 16

-every strata corporations must have bylaws
-members can amend bylaws
-regulate use of strata lots
-restrict rentals & age restrictions

Question 17

Rules:

Answer 17

-less formals than bylaws and are optional
-for use, safety, condition of common property and common asset
-CANNOT regulate the areas of strata lots

Question 18

BYLAWS AND RULES

Answer 18

• must be filed in the land title office to be enforceable
  -can change bylaws and rules by 3/4 vote
• 1 vote per strata lot

Not enforceable if they:
-contravene the strata property act, human rights code, and other laws.
-restrict right of an owner of a strata lot to freely sell, lease, mortgage

Question 19

Strata
(Condominium)

Answer 19

-fee simple
-filed in land title office
-disclosure stay
-residential tenancy Act applies to rentals
-easy to sell

Question 20

Co-ops
(Owners shares in a corporation)

Answer 20

• no fee simple
  -cannot sell their interest
  -hard to obtain finance
  -governed by shareholders agreement & cooperative Association Act)
• disclosure statement
  -cannot rely on residential tenancy Act
  -board of directors must approve a prospective buyer

Question 21

Developers Conversion:

Answer 21

-developer 1 must get approval from municipal council
-conversions are not limited to buildings that were previously occupied or occupied for residential purpose
-where an existing rental building being converted the existing tenants are covered by the protection of residential tenancy Act

Question 22

Should be considered:

Answer 22

-priority of rentals over private ownership in the area
-relocation
-life expectancy of the building
Not considered:
-the potential increase in real property taxes