What is the Strata Form B?
The strata Form B is a financial and legal snapshot taken on a specific date and covers a specific strata lot, and the strata corporation. When the strata documents are requested the Form B is prepared by the strata manager. It is then signed off by the strata management company, i.e. the company hired to manage the building and land. It can also be signed by a director of the strata council, i.e. the group of owners elected to represent all the owners and liaise with the strata management company. It is essential to receive a current Form B as part of the subject conditions.
The following is a summary of each point on the Form B which includes information on the following:
- (a) Strata Fees: shows the current strata fee for the strata lot.
- (b) Outstanding Strata Fees: past fees owed by the current owner.
- (c) Owner’s responsibility for expenses: relating to alterations to the strata lot or common property
- (d) Special Levies or Special Assessments: pending and unpaid levy amounts and alteration agreements.
- (e) Expenses Over Budget: any expectations that the strata corporations’ expenses will exceed the annual budget.
- (f) Contingency Reserve Fund: the amount in the strata corporation’s contingency fund.
- (g) Bylaw Amendments: any changes made to the bylaws that have yet to be filed with the Land Title Office.
- (h) Resolutions: any resolutions passed by 3/4 or unanimous vote for strata changes that are not yet filed with the Land Title Office.
- (i) Notice for Resolutions: or amendments to the bylaws requiring a 3/4 or unanimous vote that have not yet been voted on.
- (j) Legal Disputes: active litigation any pending legal disputes involving the strata corporation.
- (k) Outstanding Work Orders: on the strata lot or common property.
- (l) Number of Strata Lots: in the strata plan that are rented or subject to rentals.
- (m) Parking: stall(s) allocated to the lot including the identifying number of assigned parking stall number(s).
- (n) Storage: storage allocated to the strata lot including the identifying number of assigned storage unit(s).
- Required Attachments: In addition to attachments mentioned above, section 59(4) of the Strata Property Act requires that copies of the following must be attached to this Information Certificate:
- The rules of the strata corporation;
- The current budget of the strata corporation;
- The owner developer’s Rental Disclosure Statement under section 139, if any (this pertains to new developments only); and
- The most recent depreciation report, if any, obtained by the strata corporation under section 94.
BCFSA Guidance
The following is courtesy of the British Columbia Financial Services Authority (BCFSA) which is the governing body for all BC real estate agents:
“Under the Strata Property Act, a buyer is entitled to obtain an Information Certificate (known as a Form B). The Form B contains information about the strata lot including the monthly strata fees, whether the owner has entered into an agreement with the strata corporation regarding alterations, and what the owner owes to the strata corporation. The Form B also provides information about the strata corporation such as the amount in the contingency reserve fund, whether the strata corporation is involved in litigation or arbitration and information about the use of parking spaces and storage lockers.
“Attached to the Form B must be the strata corporation’s rules, the current budget, and the most recent depreciation report, if obtained.”
Obtain a Current Form B
Courtesy of the BCFSA:
“Because the listing agent may have obtained the Form B when they listed the strata lot, when providing the Form B to the buyer’s agent, if the listing agent provides the Form B obtained at the time the strata lot was listed, the listing agent may be providing a Form B that is not current even though it is less than 30 days old. Since there is no way to know whether any of the information on the Form B has changed, the agent should provide a new Form B, or confirmation from the strata corporation that the Form B being provided is current and up-to-date.“
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Marion
Marion Anderson Personal Real Estate Corporation
marion@WhistlerSkiinSkiout.com (604) 938-3885