What happens when a strata lot owner has fines or penalties and wants to sell their property?
Strata owners are responsible for are fines or penalties levied against them by the strata corporation. Fines normally are levied for such things as failing to pay your strata fees on time or failing to pay a special levy. Any breach of your strata corporation’s bylaws may result in a fine or penalty depending on how your bylaws are written and how egregious the breach is. If you decide that you want to sell your strata lot and you have outstanding strata fees, special levies, fines or penalties, then these things will need to be paid out before you will be able to sell your strata lot. If you don’t pay your strata fees or special levies, the strata corporation will also be able to file a lien against your strata lot, which will need to be paid out and removed before you can sell your lot.
- 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?