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Some Strata Property Act Changes In Force

Courtesy of "The Open House" Volume 5  Number 1 Jan 29, 2010  (published by REGBV)

Some sections of Bill 8, the Strata Property Amendment Act, 2009 came into force on December 10, 2009 through Order in Council No. 707/2009.

Changes in effect include:

• conflicts of interest: strata council members must now disclose conflicts of interest, abstain from voting, and leave meetings during discussions of related topics;

• email: strata corporations can send and receive notices by email;

• hearings: a strata owner canrequest a hearing at a council meeting;

• resolutions: only 20 per cent of votes are required by owners wanting their strata corporation to consider a resolution at an annual or special general meeting; and

• rental restrictions: buyers will know before they buy whether they can rent their unit as a result of a new Rental Disclosure Statement.

Developers can set up astrata corporation that can’t restrict rentals.

The following are not in force until regulations are developed:

• requirement for audited financial statements: (an auditor must be a “qualified person” and the definition will be set out in the regulations);

• requirement for depreciation reports;

• access to the Provincial Court for strata disputes; and new dispute resolution methods including mediation and arbitration; and

• identification of storage lockers and parking stalls associated with a unit.

The Real Estate Board and BC Real Estate Association continue to identify ways to best implement these provisions and to discuss these with the provincial government.

Strata Instruction Guides

Changes to the Act of Instruction Guides on the Financial Institutions Commission website.

Strata Property have affected the accuracy

The Financial Institutions Commission has posted two new bulletins:

• Bulletin SPA -09-02 advises readers to be aware that existing Instruction Guides may be not be accurate and will be updated with the new legislative provisions.

• Bulletin SPA-09-01 clarifies the new legislative provisions with respect to rental disclosure statements.

REALTORS® should read these bulletins when consulting the Instruction Guides.

Visit www.fic.gov.bc.ca/, then

Strata Property and then Information Bulletins or www.fic.gov.bc.ca/responsibilities/strataowners/information_bulletins.htm