What is the purpose of the Strata Property Act?

What is the purpose of the Strata Property Act?

The provincial government is responsible for the Strata Property Act and regulations. It provides the democratic system of corporate governance the owners use to manage the property together.

Do stratas have financial statements?

The strata corporation must file a tax return for each fiscal year with the Canada Revenue Agency, and must provide a copy of their annual financial statements with their tax returns.

How long do you have to keep strata minutes in BC?

Records to be kept for six years: The strata corporation must keep the following records for at least six years: minutes of annual and special general meetings and strata council meetings, including the results of any votes. books of account showing money received and spent and the reason for the receipt or expenditure.

What is a Form B strata BC?

The “Form B: Information Certificate” discloses a variety of information about a strata lot and the strata corporation. Typically it is requested when someone is considering buying a strata lot. It is important to use a current version of the Form B as it is regularly updated by the Province.

Who enforces the strata property Act in BC?

All strata corporations must have bylaws and may have rules. Sections may also have bylaws and rules for some matters. Bylaws and rules apply to owners, tenants and people living with or visiting owners and tenants. The strata council (or section executive) is responsible for enforcing bylaws and rules.

Can a strata sue an owner?

The strata corporation or section may sue as a representative for strata lot owners, on behalf of one or more owners about matters affecting only their strata lots and an owner.

How much money should your contingency reserve contain?

Regulation 6.1 requires that the Contingency Reserve Fund be equal to at least 25% of the Operating Fund. If the reserve fund is below that amount at the time of the AGM, an amount equal to 10% of the operating fund must be contributed annually until the Contingency.

How much should a strata contingency fund be?

The Strata Property regulations require that the CRF must have a minimum level of funding equivalent to 25% of the annual operating fund. However it is the depreciation report, not the operating fund, which provides information about the longer term repair, maintenance and replacement costs for the strata corporation.

Can owners attend strata meetings?

Strata committee meetings are for strata committee members to discuss and vote on day-to-day matters. Owners can attend strata committee meetings. They cannot speak unless they get permission from the strata committee.

Can a strata manager chair an AGM?

However, the responsibilities of the chair, secretary and treasurer of the strata committee can be delegated from time to time to the strata manager, via their contract. That means that at any given time the AGM could have two chairs in attendance – the elected chair and the contracted chair, i.e. the strata manager.

What is a Form B used for?

The Form B sets out information relating to the strata corporation and its financial affairs including the amount of the strata fees payable, the amounts of any outstanding or approved special levies, whether there are any new bylaws that have been recently approved, how many strata lots in the development may be …

How do I get a Form B?

As a business owner you have to provide a photo ID and address proof that has been issued by any Government Authority. If you have a partner then their photo identity has to be provided as also that of the authorised signatory (who will also sign in Form B)

Where can I complain about a strata manager?

If there’s an ongoing dispute with your strata manager, the owners corporation can apply to the NSW Civil and Administrative Tribunal (NCAT) to resolve the dispute.

How do I complain about strata?

Go to the NSW Civil and Administrative Tribunal.

  1. Talk about it. Most issues can be resolved by talking it out with the other party.
  2. Contact the owners corporation. Issues with another resident or owner.
  3. Use Fair Trading’s mediation service.
  4. Tribunal hearings.

Can you sue strata for negligence?

The confusion arises because strata corporations can sue and be sued for the certain type of wrongs in Small Claims, such as negligence (see, for example, Paul et al. v. Riding and Strata Plan NW 612, 2013 B.C.P.C. 292.).

Can you sue the strata committee?

Importantly for owners, if a strata committee is not meeting its responsibilities or is causing problems in other ways, it may be possible for owners to bring a claim against their Owners Corporation to compel performance of its duties, or for payment of damages (either under the Strata Schemes Management Act 2015 (NSW …

What is a good reserve fund for condo?

Assuming an average monthly condo assessment of $400, this can mean somewhere between $60 and $160 per unit, per month should be earmarked for Reserves. If the average condo represents 100 units, that translates to only $2 to $5 per unit, per day.

What is a healthy strata contingency fund?

A contingency reserve fund is a fund used for strata properties such as condos and townhouses to fund common expenses that usually occur less often that once a year, such as maintenance, upgrades, and renovations for the complex or building.

What is the average contingency fund?