With more than 1.5 million British Columbians living in strata housing, not to mention all the commercial, industrial and mixed-use stratas in BC, it’s important that REALTORS® understand a key tool in assessing the condition of a strata property: the depreciation report. Here’s a quick primer on what you need to know and how to learn more.
BCREA’s new online Disclosures in Real Estate (DIRE) course can help you better understand the scope of your disclosure obligations.
By Gerry NeelyB.A. LL.B. A strata corporation incorporated in 1987 had 36 apartment-style units and eight townhome-style units. The original owners agreed it would be fair to allocate 18 common expenses on a percentage basis between the two styles, based on the extent to which the benefit of an expense was attributable to one or …
By Gerry NeelyB.A. LL.B. The decision in Legally Speaking 379, that the representative had a duty to know the relationship between the building code and municipal bylaws concerning inspections and permits, is one of several decisions examining circumstances where the representative had a duty to know municipal bylaws. Here are three more examples. A representative advertised that …
By Gerry NeelyB.A. LL.B. The message some licensees took from the two cases discussed in Legally Speaking 371 was that a strata corporation can’t enforce a bylaw restricting the installation of hardwood floors. In fact they can, due to s.219 of the Strata Property Act, which allows strata corporations to enact bylaws controlling the use and enjoyment …
By Gerry NeelyB.A. LL.B. A false start raised several expensive obstacles for a licensee who sued for payment of a commission. The commission agreement was made by letter from the licensee’s client, a limited company, addressed to the licensee and his agent. It agreed to pay a commission to the licensee personally, if a binding …
By Gerry NeelyB.A. LL.B. A licensee’s client took title to a unit with a floating wood floor, in a strata corporation whose bylaws required strata council approval before installation. Neither the licensee nor his client knew the previous owner had not applied for permission until after closing. It had not occurred to them to ask …