Monthly Archives: April 2013
What comes after the Depreciation Report
There are many issues that arise after you have completed your depreciation report. Jamie Bleay talked about these at the presentation he gave on April 7, 2013 at our seminar in Nanaimo. Jamie has kindly allowed us to post his presentation. You …
8. Are strata corporations required to employ a strata agent?
No, strata corporations are not required to employ strata agents. Many strata corporations are “self-managed” as are many larger strata corporations.
7. Must strata agents be licensed?
Yes, strata agents must be licensed by the Real Estate Council of British Columbia (RECBC). The RECBC has adopted rules for strata agents which it enforces but does not enforce the Strata Property Act.
6. What is the difference between a strata manager and a strata agent?
Strata managers are really strata agents who work under the direction of the strata council. The duties of the strata agent are determined by the contract between the strata council and the agent.
5. Who manages a strata corporation?
The strata council manages the strata corporation. Strata agents are often referred to as managers but it is the strata council that has legal responsibility for managing the strata corporation.
3. What kinds of strata developments are there?
Strata developments may be commercial, residential, or a mixture of residential and commercial. Residential strata developments may be town houses, one or more apartment blocks, bare land subdivided into strata lots or some combination of the three. The owners of …
2. What is the difference between a strata and a condominium?
There is no difference. BC’s Strata Property Act refers to all such developments as stratas. A strata development consists of individually-owned strata lots, often referred to as units, common property, and common assets. BC is the only province that uses …
18. Are strata corporations required to use the standard contract for strata management services as insisted on by many management companies?
The requirements for management contracts are set forth in the Real Estate Services Act (RESA) Rules. The standard contract includes many provisions that are not required by the RESA Rules, some of which place strata corporations at a distinct disadvantage …
22. If the Operating Fund runs short of money during the fiscal year, can the shortfall be made up from the Contingency Reserve Fund?
No, but money can be borrowed from the Contingency Reserve Fund so long as it is paid back by the end of the fiscal year. See SPA regulation 6.3 for details. A Special General Meeting must be called to authorize …
21. What can be done with a surplus in the Operating Fund at the end of a fiscal year?
A surplus in the operating fund can be used to reduce the total contribution to the Operating Fund which, in effect, is returning it to the owners, transferred to the contingency reserve fund, or carried forward as an operating surplus. …