Strata Properties And Co-ops In BC Flashcards
Strata plan
-Designates strata lots and common properties
- Cannot deposit in land title office unless developer obtain required approval
- subdivide building
Strata Corporation
-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
Bare land strata plan
- regulation to identify as such in the strata plan itself
- may subdivide bare land
Unit entitlement
The figure used to calculate a strata lot owners contribution to the common expensive
Purchases interest
Free sample for strata lots & tenants in common for common property
Property tax
Each strata lot owner must pay his own property taxes + share of common property
Common property
Any property NOT designated as a strata lot owned by owners
Short-term exclusive use
A special privilege granted to owner and tenants to exclusively use common property that is designated limited common property
Duties of strata corporation
-manage
-repair and maintain
-insure common assets
-keep records
-extinguish contingency and operating funds
3 types of Funds
-operating funds (1 or more times per year)
-contingency funds (less then once a year)
-special levies (each owner must pay portion)
Purchases can obtain strata corporation records by:
-information certificate (form A)
-certificate of payment (form F)
Starts council
- enforce its bylaws and rules on behalf of the corporation
1st Annual Meeting
-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
Strata Corporation can:
-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)
Owners Remedies:
- 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
Bylaws
-every strata corporations must have bylaws
-members can amend bylaws
-regulate use of strata lots
-restrict rentals & age restrictions
Rules:
-less formals than bylaws and are optional
-for use, safety, condition of common property and common asset
-CANNOT regulate the areas of strata lots
BYLAWS AND RULES
- 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
Strata
(Condominium)
-fee simple
-filed in land title office
-disclosure stay
-residential tenancy Act applies to rentals
-easy to sell
Co-ops
(Owners shares in a corporation)
- 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
Developers Conversion:
-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
Should be considered:
-priority of rentals over private ownership in the area
-relocation
-life expectancy of the building
Not considered:
-the potential increase in real property taxes
