COMMON PROPERTY & LIMITED COMMON PROPERTY

A strata development is a special way of subdividing and owning portions of buildings and land.  There are two types of strata plans:  those that subdivide buildings and those that subdivide land.

There are two types of property on a strata plan:  Strata Lot & Common Property.

Each strata lot will have its own legal description and its own separate title.  The strata lot is the portion of the strata development that an owner owns and has title to.

The common property is the remaining part of the building and land that is not shown as being part of a strata lot.  The common property is owned by all owners within the strata development, as tenants in common.

The interest of a tenant in common owner does not terminate on their death.  All strata lot owners have equal right to the use of the common property.  Common property can have restricted use if it is designated as Limited Common Property, on the strata plan.

Limited common property (LCP) means it can only be used by the strata lot(s) to which it has been designated.   Limited common property is common property that is limited for the use of a particular strata lot(s).

FYI - Strata and condominium are the same thing.  BC is the only province to use the term Strata.  

There are many different styles of a strata development you may see, for example:  apartment, townhouses, semi-detached and detached styles can all be strata developments.  Developers can be as creative as they want even  combining residential and non residential uses into one strata development.

Unless something different is shown on the strata plan, the roof, building exterior, landscaping and hallways are common property.

Common property on a bare land strata plan can be as simple as a road way or a septic field.  The buildings that are located on a bare land strata lot will not be shown on a bare land strata plan.  A bare land strata plan will only show the buildings that are located on the common property.  The buildings that are located on a bare land strata lot are entirely owned by the owner of the strata lot.  The strata corporation has no insurable interest in the buildings that are situated on bare land strata lots.

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Aaron Moss

Aaron Moss

REALTORĀ®
CENTURY 21 Assurance Realty Ltd.
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