What does it mean to own a strata lot?
When you buy a strata lot, you’re not only buying your individual strata unit, you are also purchasing an interest in the common property and common assets owned by your strata corporation, which is made up of every single owner in that particular strata development. For example, if you buy an apartment unit in a building with a pool and a gym and a BBQ area that some, or all, of the residents of that building are authorized to use, then it is likely that those shared facilities are common property. All of the owners in that building are responsible for maintaining and repairing the common property. In order to effectively carry out the strata corporation’s duties to repair and maintain the common property, among other things, each strata corporation will elect a strata council made up of a group of owners to oversee the day-to-day operations of the building and fulfill the strata corporation’s duties. The strata corporation may also decide to hire a strata property manager to assist as an advisor / bookkeeper / money collector / etc… A set of bylaws is created to govern each owner’s use of their strata lot and the common property. A bylaw might restrict the number of pets you are allowed and control the number of units in the building that can be rented out at any one time. If you are buying a strata lot, you are agreeing to be bound by the restrictions set out in the bylaws as well as the rules set up in the Strata Property Act, which is the legislation that governs strata properties.
- 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?