The Form B is one of the documents that should always be reviewed when assisting a consumer looking to purchase a strata titled property. The strata corporation is required to provide the Form B within 7 days of a request.
Technically speaking, the Form B is only current at the time it is issued. If the strata corporation were to, as an example, receive a notice of civil claim later that same day, the Form B, obtained earlier, would be out of date (it would include outdated information).
That being said, it’s not realistic for a strata to be “on-call”, waiting to issue new Form Bs. As a rule of thumb, we recommend that the Form B never be older than 1 month, and ideally newer. If you or your clients are concerned that the information included on the Form B might be out of date, it is always a good idea to request a new one.
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 [email protected].
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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.