Please note, since the Limitation Act was changed in , subsequent court cases and Civil Resolution Tribunal decisions have indicated that the two-year limitation period does not apply to the collection of strata fines. For more information please consult with a strata lawyer. The Strata Property Act states that if a strata lot has been sold since the special levy was paid, any refund of the special levy is given to the current owner of the strata lot i.
This can be negotiated between the buyer and seller. The special levy must be accounted for separately from other funds held by the strata corporation, or separate section, and include any interest or income earned on the special levy. If a strata lot has been sold since the special levy was paid, any refund of the special levy is given to the current owner of the strata lot i.
Find it Fast : a convenient site map listing all the topics on the Province's strata housing website. The content on this website is periodically reviewed and updated by the Province of British Columbia as per the date noted on each page: January 6, Learn more on this website:. Owners, landlords and tenants in all strata properties must follow the Strata Property Act and regulations and the strata corporation's bylaws and rules.
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Roles and responsibilities. An example of an essential expense is repairing damage to the main driveway or addressing fire safety compliance. Non-essential expenses include things like carpet replacement or landscaping. To begin with, the Body Corporate often guided by the strata manager determines how much money is needed in both the administrative and sinking funds. These amounts must be supported by a budget that is presented to all owners, both at the AGM and then in the supporting minutes.
Owners then vote to either accept or amend the proposed budget. The budget must take into account the amount needed in both funds to cover expected and unexpected expenditure. It must also consider the existing financial situation of the Body Corporate.
Levies are calculated based on each units entitlement. Sometimes all units in a corporation have the same equal entitlement. Sometimes entitlements vary based on the size or amenity of each unit. Levies are generally payable on a quarterly basis, and a notice is issued by the treasurer of the Body Corporate or the strata manager. Levy notices are generally sent three weeks prior to the due date.
This gives owners ample time to plan for and make the payment. However, regardless of whether an owner receives a notice, they are still obligated to pay the levies on time. Generally, this type of loan is also taken out when the work required may develop into something even worse if left. If you cannot pay your levy by the due date, interest is calculated on the overdue amount. Special levies are generally calculated across an appropriate timeframe and according to the lot entitlement of each lot owner.
If the cost is set to be a large amount, this may be divided by regular instalments over a set timeframe to make it easier for payments to be made. If the special levies have been voted in by your strata scheme, you will be responsible for your share of the costs. There may be payment options or plans available, so if you are having trouble making payments speak to your strata committee or manager.
The repairs could also possibly be eligible for government rebates.
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