Strata Property Managers, strata council members, and real estate professional please note that as of April 1, 2023, you must use an updated Form B Information Certificate. See British Columbia Orders in Council OIC No. 31-2023 and OIC No. 32-2023, both issued on January 24, 2023.
Information Certificate (Form B)
The Information Certificate (Form B) is regularly requested by realtors, prospective purchasers, and lawyers during the process of purchasing a strata lot, but it can be requested at any time by an owner or authorized person. It contains information about the strata lot such as the amount of the strata fees, any amount owing, information about parking stalls and lockers, and much more. When issuing a Form B, the strata manager or council must also provide a copy of the current budget, rules, and the most recent depreciation report. Learn more about the Form B on page 6 of VISOA’s February 2022 Bulletin.
Effective April 1, 2023 Section 59 of the Strata Property Act says the Information Certificate (Form B) must disclose “(l.2) a summary of the strata corporation’s insurance coverage”. Accordingly, the Form B will soon be updated to include part (o) which says to “Provide a summary of the insurance coverage on a separate sheet or sheets.” The strata property manager or council can simply provide a copy of the summary from the strata’s insurance provider. This document is usually 1-2 pages and shows each type of coverage, the limits, and the deductibles.
On April 1, 2023 section 59 (5.1) will be added to the Strata Property Act to protect the strata corporation from errors in the information provided by the insurer: “Despite subsection (5), information in subsection (3) (l.2) disclosed in a certificate is not binding on the strata corporation if the disclosed information is obtained from the strata corporation’s insurer, as defined in section 1 (1) of the Financial Institutions Act, or insurance agent, as defined in section 168 of that Act.”
Note that Order No. 31-2023 completes two changes that were in Bill 44 The Building and Strata Statutes Amendment Act, 2022 passed November 24, 2022. There is no longer a requirement to disclose the number of strata lots that are rented (part l), or to attach a copy of the owner developer’s Rental Disclosure Statement. The Order also repeals the Form J Rental Disclosure Statement.
The Form B is a prescribed form found in the forms section at the end of the Strata Property Regulation. Be sure to use the updated version of the Form B beginning April 1, 2023.
*This post will be updated to include links to the Strata Property Act, Regulation, and Form B when the new legislation has been updated online.