So, what’s changed? The new legislation provides buyers an opportunity to rescind a contract to purchase residential real property up to 3 business days after an offer is accepted. If a buyer decides to rescind their offer during the HBRP, they must pay the seller 0.25% of the purchase price. What type of properties are subject to the HBRP? A detached…
Did you read our email last week on rental restriction bylaws? Ok forget everything we said. The proposed legislative changes came into force sooner than we expected. The BC Government gave royal assent to Bill 44 – 2022 Building and Strata Statutes Amendment Act on November 24, 2022, with the legislative changes coming into force…
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…
All strata corporations in BC, regardless of size, must obtain property and liability insurance, including bare land strata corporations and strata-titled duplexes. 1. Property Insurance A. The strata corporation’s property insurance is for:• Common property• Common assets• Buildings shown on the strata plan, and• Fixtures built or installed on a strata lot if built or…
The first step in reviewing strata documents is to actually get your hands on all of them. So, where exactly do you get them from? The answer is, it depends. A. To start, the seller(s) should be able to provide you the initial contact information, as well as the authority, to obtain the strata documents.…
With the advent of the Civil Resolutions Tribunal for strata disputes in 2016, it became more accessible for strata owners and strata corporations to address conflicts and pursue legal judgements without the need for lawyers or the BC Supreme Court. As per section 59 of the Strata Property Act, strata corporations are required to disclose…
One of the most common questions we get from our clients in regards to the strata corporations they are considering purchasing into is: Does this strata have “enough” in its Contingency Reserve Fund (CRF)? What a lot of people don’t understand is that, depending on what is being asked, this question can lead to two…
There is no doubt that it’s important for strata corporations to be fiscally responsible. That being said, strata corporations whose main focus is keeping strata fees as low as possible can, at times, make decisions that lead to low strata fees in the short term, but significantly higher costs to the owners in the long…
There are a few questions you should be asking when considering the alterations that have been made within a strata lot:• Have previous owners asked for and received approval for the alterations?• Are there any agreements that make the owner responsible for future repairs or replacement of the alterations?• Has the work been done according…
The BC Home Owner Protection Act requires that all newly built homes (including strata properties) or buildings that have been substantially reconstructed be covered by third-party new home warranty insurance. You may often hear this referred to as the “2-5-10 New Home Warranty”. Basic coverage includes: 15 months for defects in labour and materials 2 years for building cladding and delivery systems (plumbing, HVAC,…
