What do I have to pay when owning a strata lot?
Each year the owners in the strata corporation will vote on the strata fees to that each owner will be responsible for paying each month for the maintenance and repair of the common property and common assets. The strata fees cover the costs of the strata corporation’s regular expenses such as landscaping, snow removal, gym equipment and pool maintenance, elevator maintenance, outside window cleaning, strata manager fees, irrigation repair, etc… Where there are major repairs to be made that are out of the ordinary, such as repairs to the roof or installing a new gate in a gated community, the strata corporation may issue a special levy which requires each of the strata lot owners to make their proportionate share of a lump sum payment so the extraordinary expense can get paid and taken care of right away.
- What does it mean to own a strata lot?
- What do I have to pay when owning a strata lot?
- What happens when a strata lot owner has fines or penalties and wants to sell their property?
- What is a Strata Form B and why is it necessary when buying or selling a strata lot?
- What are the common issues when buying a strata lot?
- I’ve bought a strata lot – what can I expect going forward?