Strata/Condo Update

Under the Strata Property Act of B.C., that came into effect in 2000, the information certificate a buyer, Realtor, Lawyer or Bank would require from a Strata Corporation is called a "Form B".

As of March 1st 2012 new form B's were mandated under the Act, giving more information which is useful to potential buyers of Strata's. 

Included in the new form is -

- the Strata rules (previously only bylaws were attached).

-  the "Form J" which is a rental disclosure statement filed with the Superintendent of Real Estate for the Province of B.C.-advising the buyer how many rentals the developer proposed in the original sale of Strata lots.

- the current budget of the Strata Corporation passed by the owners at the last annual general meeting (previously only the financial statements were required)

- the most recent depreciation report,  contingency fund study - if one exists.

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