Strata/Condo Update -Changes to the Form B

Here's more good news about  the "Form B" information certificates required under the Strata Property Act.

Effective Jan 1, 2014 on a Form B,  Strata Corporations will be required to identity how parking spaces and storage lockers are allocated to the Strata Lot Owners or Strata Lots.  This information certificate is ordered from the Strata Corporation by Realtors, Lawyers and Banks on behalf of potential buyers.  Previously this information was not included and it has caused a lot of confusion to Realtors and their  buyers.  It is very important to determine the number of parking spots,  but equally important to determine whether the parking spots are part of the Strata lot,  limited common property registered to the Strata lot, or common property allocated by the Strata Corporation to the strata lot owners. The parking spots could also be leased from the original developer,  or common property rented from the Strata Corporation on a month to month basis.

The same was true for storage lockers where the complex has them.  In both cases, a lot of Strata Lot Owners thought they owned the parking spots or the lockers and that may not necessarily be the case.  However, with the new requirement for the "Form B"  this problem is now solved.

William Blackall

William Blackall

CENTURY 21 Prudential Estates (RMD) Ltd.
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