What you need to know if you are Buying or Selling Strata property in Vancouver.

imagesCA7OSY61 Do you know about the amendment to the Strata Property Act that is coming March 1, 2012? If you own a strata property in Vancouver (or the BC for that matter you will want to know this).

Recently the government of BC enacted several changes to the Strata Property Act . The purpose of these changes are to create better understanding of every strata from the point of view of the own/consumer/buyer through greater transparency. Strata’s will now be required to provide a list of documents for inspection by owners, and people authorized by owners (which may be tenants or real estate agents).

The “Information Certificate” otherwise known as a Form B will see some changes that will provide more information. Prospective buyers currently rely on a Form B to provide critical strata information such as, the current amount in the Contingency Reserve Fund, indicate whether the strata is entanglement in legal issues or if there are any outstanding special assessments or rule changes underway.

As of March 1, 2012 the following information must now also be attached:

– The rules of the strata corporation if there are any (strata’s with fewer than 5 units are not required to have rules this would include duplexes).

– The strata’s current budget (again, not required for strata’s fewer than 5 units).

The most recent depreciation report, if any, unless the strata is applying on of the exceptions to this new requirement. (Strata’s have two years, until December 13, 2013, to obtain a depreciation report if they have not already done so.)

– the owner developer’s Rental Disclosure Statement, (if applicable)

Effective January 1, 2014, the Form B will also identify how parking and storage lockers are allocated to strata property lots.

*Important Point for people thinking of Selling* – Strata Corporations are regulated by rules for providing this information and they use them! Be aware that the Strata Property regulations set out the time line and cost the Information Certificate must be provided in on a non-rush basis, (within one week of receiving a request, they can only charge $35). If you require an Information Certificate in less than 1 week they can charge exorbitant rush fees so it helps to plan ahead.

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