In late 2009 the BC Legislature enacted the Strata Property Amendment Act (the "Amendment Act"), legislating a host of amendments to the Strata Property Act. As discussed in a recent Mullin DeMeo legal update, while many of these changes were immediately brought into force, implementation of some of the provisions of the Amendment Act was delayed pending further review. Specifically, the changes requiring that strata corporations obtain audited financial statements and depreciation reports will only be brought into force once government publishes regulations for strata corporations to follow (the "Regulations").
To assist the government to draft and implement the Regulations, the Housing Policy Branch of the Ministry of Public Safety and Solicitor General (the "Housing Policy Branch") is requesting public input from strata owners, residents, and managers, and the real estate professionals who work regularly with same. Specifically, the Housing Policy Branch is asking said strata property stakeholders to complete the survey which can be retrieved from this URL:
https://securesurveys.gov.bc.ca/welcomeALL.pl?SURVEYNAME=stratasurvey1
While the amendments to the
Strata Property Act set out the general policy, this survey is designed to gather stakeholder input on what requirements should be set out in the Strata Property Regulations. Real estate professionals may be particularly interested in the questions pertaining to the information required to be disclosed in the Strata Form B, as some of the information contained therein can be a critical part of the due diligence process when a prospective purchaser is considering whether or not to purchase a property.
This discussion of the recent changes to the
Should you have any questions or concerns with respect to this or any other aspect of real estate law, please contact Mullin DeMeo at [email protected], or (250) 477-3327.
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