Under the Strata Property Act of BC, which came into effect in 2000, Strata Corporations are required to provide (at a fee) a “Form B”, also known as an information certificate to an owner, potential buyer, REALTOR®, lawyer or bank when requested.
As of March 1st, 2012 the new “Form B’s” were mandated under the Act, giving more useful information to potential buyers of Strata’s and to financial institutions. Included in the new “Form B” is the following:
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Strata rules (previously only bylaws were attached);
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“Form J” which is a rental disclosure statement filed with the Superintendent of Real Estate for the Province of B.C.-advising the buyer how many rentals the developer proposed in the original sale of Strata lots;
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Current budget of the Strata Corporation passed by the owners at the last annual general meeting (previously only the financial statements were required);
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Most recent Depreciation Report (30 year capital plan) – if available.
Also there will be another update to the Form B effective January 1st, 2014, which will include the parking stall number and storage locker number assigned to the strata lot and its designation (common property, limited common property, or if they form part of the strata lot).
Click the following link to learn more on Parking Spaces and Storage Lockers.
Dependably yours,
Century 21 Prudential Estates (RMD) Ltd.
