Strata Property Act for Lofts and Condos
(very important for all condominium/loft owners)
In British Columbia a condominium falls under the Strata Property Act which came into effect in July 2000 as a replacement for the Condominium Act.
Strata properties include lofts, apartment units, townhouses, half-duplexes (in Ontario they would be semi-detached) which share the lot, bare land strata on which owners own their home but share the property in common.
The Strata Property Act is specific in the responsibilities of developers, unit owners, the owner elected Strata Council for the complex and the property management company which manages the building on behalf of the Strata Council who represent the owners.
The Strata Property Act addresses problems that arose in the 90’s from building inappropriately for the wet West Coast Marine climate. The government offered financial programs for rehabilitation and almost every building in Vancouver and Richmond is now better than new!
This new Act has created levels of awareness, disclosure and transparency in managing and owning a strata unit. A Form B, prepared by the professional property manager for the building, is required for any sale and it discloses all information regarding building condition, projected assessments for improvements and the financial health of the strata complex.
The Strata Property Act outlines responsibilities for each area under the Act, including information on pets and rentals bylaws. At a properly constituted General Meeting bylaws can be changed with a 75% vote in favour by the eligible attendees who constitute a quorum.
