Licensed real estate professionals in BC must make disclosures to consumers in many different circumstances. This not only enables consumers to make informed decisions when working with real estate professionals, but it also enables you, the licensee, to reduce your risk of liability.
Serving on a strata council for a strata corporation in which you are an owner is one disclosure scenario that can be easily overlooked. So this week, we’ll go over the steps you should follow, to ensure you are providing the required disclosure.
• Step 1: Request that an item be added to the next strata council meeting agenda, allowing you to talk about and acknowledge that you are serving on the strata council while licensed.
• Step 2: Obtain and complete the BCFSA Disclosure of Management of Strata Corporation by Licensee Who is an Owner form.
• Step 3: Make sure it is understood and noted in the council meeting minutes that you are acting solely as a council member, and not as a licensee.
• Step 4: Have two other strata council members sign Part C of the disclosure form, acknowledging its receipt.
• Step 5: Provide a signed copy of the disclosure form to your managing broker.
Disclaimer: The information provided is for general purposes only. It is not intended to provide legal advice or opinions of any kind. No one should act, or refrain from acting, based solely upon the materials provided, any hypertext links or other general information without first seeking appropriate legal or other professional advice.
Next week we’ll look at alterations within strata units, as reported on the Form B. If you have any suggestions for other topics you’d like us to cover, please let us know at firstname.lastname@example.org.
A little about us:
- We are a fully licensed brokerage under the BCFSA, and carry Errors and Omissions (E&O) insurance.
- We’ve been in business since 2017 and have completed over 1,800 strata reviews to date province wide.
- Our Review Advisors have firsthand knowledge and experience. They’ve all been practicing strata managers.
A little about our services:
FAQs: How do Condo Clear’s services work?
Pricing: How much do Condo Clear’s services cost?
Here is a Sample Buyer’s Review that you can look through. If you have some time, we would love to setup a quick chat, to talk more about our review process and go over any specific needs you might have.
Ryan Stenquist & Magurel Mic
Condo Clear Services Inc.