Whether you currently live in a Strata Corporation (condo, townhouse, or a stratified complex) or are looking to purchase a home in one, it is important to understand how Strata Corporations operate and learn some basic terminology. Common Property (CP) and Limited Common Property (LCP) affects who has access to the property and who is responsible for the cost of repairing and/or maintaining the area.
At CENTURY 21 Prudential Estates (RMD) Ltd., we manage over 170 Strata Corporations across Vancouver and the Lower Mainland. We have many years of expertise and have put together some information to help you better understand how Strata Corporations work.
Individual Strata Lots
Individual strata lots are also known as “unit(s)” or “suite(s)” and are individually owned by the owner(s). They are noted in the Strata Corporation’s strata plan and are designated a strata lot number. Each strata lot owner(s) is responsible for maintaining their individual strata lot, as well as contributing monthly strata fees to provide the Strata Corporation with funds to maintain and repair the common property based on the annual budget.
Common Property
Common property is any area on the strata plan that is not part of an individual strata lot. These common areas are shared and owned (as joint tenants) between strata lot owners. Common property often includes hallways, amenities, lobbies, elevators, green space, and other shared areas. Other items that are often considered common property include roofs, attics, windows, doors, and some plumbing and electrical components. There are rules and bylaws on when and how the common areas can be used since they equally shared.
Parking and storage lots vary and can be included in a strata lot (often the case with townhouses) or can be designated as common property or limited common property (often the case with condo buildings). If parking and storage is included in the strata lot or assigned as limited common property for the exclusive use of a strata lot, by law, the strata lot owner owns them and can use them within the confines of the Strata Corporation’s bylaws.
Limited Common Property
Limited common property is similar to common property, as it is not part of individual strata lots; however, it is exclusively used by one or more strata lots. An example of limited common property includes balconies, patios, and front or back yards. A major difference between limited common property and common property is the responsibility of repairs and maintenance. The following is an excerpt from the schedule of Standard Bylaws under the Strata Property Act of BC:
“An owner who has the use of limited common property must repair and maintain it, except for repair and maintenance that is the responsibility of the strata corporation under these bylaws.” They go on further to clarify when an owner is responsible for maintenance and repairs of LCP and when the Strata Corporation is responsible:
“The strata corporation must repair and maintain all of the following: (c)limited common property, but the duty to repair and maintain it is restricted to
(i)repair and maintenance that in the ordinary course of events occurs less often than once a year, and
(ii)the following, no matter how often the repair or maintenance ordinarily occurs:
(A)the structure of a building;
(B)the exterior of a building;
(C)chimneys, stairs, balconies and other things attached to the exterior of a building;
(D)doors, windows and skylights on the exterior of a building or that front on the common property;
(E)fences, railings and similar structures that enclose patios, balconies and yards;”
The Importance
Different areas in strata buildings affect who can access the space and who is responsible for paying. Grasping the difference will help you better understand where strata fees go, property access, and maintenance and repair responsibility. Check the registered Strata Plan to learn how certain areas of a property are allocated.
Century 21 Prudential Estates (RMD) Ltd.’s Strata Management Team is here to ensure your Strata Corporation is managed to the highest standard. We offer strata management services for any size building. Our Financial Plus service is designed for smaller Strata Corporations (25 units or less) that primarily need assistance with the complex financial aspects of operating a Strata Corporation. Our Full Management service is tailored to Strata Corporations that require full-time, in-depth strata management services such as maintenance and conducting regular Strata Council meetings. To speak with someone from our team, request a proposal or call 604-278-2121 to speak to one of our strata management experts.
