Sentences with phrase «of the strata corporation»

The brokerage may retain sufficient funds to pay outstanding and anticipated invoices related to expenses incurred on behalf of the strata corporation before the termination of the service agreement.

(c) if the brokerage is to hold special levy money, at least one separate trust account in the name of the strata corporation for the special levy money.

A brokerage must keep a separate list for each year of all strata corporations that are or were managed by the brokerage during that year.

Although the court did not need to answer the question, the fact that it remains unresolved leaves a shadow on the right of a strata corporation to bring such a claim.

Learning the preparation of budgets, reviewing of financial statements, and assisting in overseeing the cash requirements of the strata corporations.

(f) provision respecting the use and disclosure of information respecting the strata corporation, including the use and disclosure of personal information respecting owners who are the members of the strata corporation.

Section 9 - 3 of the Rules allows an individual licensee who is a strata lot owner to provide strata management services to or on behalf of the strata corporation in which the strata lot is a member so long as the licensee:

Note: Within one week after the first annual general meeting, the owner - developer must (a) transfer control of the strata corporation's money to the newly elected council, and (b) deliver to the newly elected council any keys, garage door openers or other means of access that the owner - developer possesses for the purposes of exercising the powers and performing the duties of the council.

(3) If the first annual general meeting of the strata corporation established by the deposit of the first phase of a phased strata plan has not yet been held at the time that a new phase is deposited, the requirements of Part 3 of the Act apply to the new phase as if it were the first phase of a phased strata plan, but

Sections 2.1 and 2.18 of the Real Estate Services Regulation provide for exemptions from licensing for employees of the strata corporation, and for caretakers / managers employed by the strata corporation, respectively.

(1) Subject to this section, the Act and these Rules do not apply to a managing broker, associate broker or representative who is a strata lot owner in relation to strata management services provided to or on behalf of the strata corporation of which the licensee is a member by reason of being a strata lot owner, if all the following conditions are met:

(b) a Certificate of Strata Corporation in the prescribed form stating that the Amended Schedule of Interest on Destruction referred to in paragraph (a) has been approved by a unanimous vote at an annual or special general meeting.

An overview of the effects of the Real Estate Services Act on the management of strata corporations with sections.

The Strata Property Act allows strata lot owners and others authorized by owners to obtain copies of strata corporation records.

The British Columbia Supreme Court recently ordered a condominium unit owner to cease smoking in his unit in contravention of the strata corporation's...

Although the foregoing sets out the key distinctions between allocating costs by type of strata lot and the creation of sections, before a strata corporation creates or eliminate sections, the strata corporation and the strata lots that are or could form sections should obtain legal advice that takes into account the specific expenses of that strata corporation in order that both the short and long term consequence of creating or eliminating sections can be reviewed.

[Provide background on the allocation of storage lockers referred to in whichever of the 3 preceding boxes have been selected and attach any applicable documents in the possession of the strata corporation.]

take any other action that is not at the direction of the client, or may be construed as acting against the client's wishes; even if the strata manager believes that these actions are in the best interest of the strata corporation.

However, the Strata Property Act, the legislation that governs the rights and obligations of strata corporations, strata councils and strata owners, remains a self - administered statute and there are no enforcement provisions for the Government of BC or the Real Estate Council.

(b) if the brokerage is to hold contingency reserve fund money, at least one separate trust account in the name of the strata corporation for the contingency reserve fund money;

(10) Despite subsection (9), the brokerage may retain sufficient funds to pay outstanding and anticipated invoices related to expenses incurred on behalf of the strata corporation before the termination of the service agreement.

Rule of Law Amendments to Strata Property Act Facilitating Termination of Strata Corporations in Effect

(b) any bylaws under Part 5 of the Condominium Act or under a former Act which were deemed, by section 26 (2) of the Condominium Act or a similar section of a former Act, to be bylaws of the strata corporation cease to have effect.

(2) If amalgamating strata corporations submit an Amended Schedule of Interest on Destruction with an application under section 269 of the Act, the Certificates of Strata Corporation required by section 269 (2)(b)(v) of the Act must also state that the Amended Schedule of Interest on Destruction conforms to the amalgamation agreement.

significant confusion and uncertainty in the affairs of the strata corporation or of the owners.

They also need to keep up - to - date with case law that may affect their clients» governance of strata corporations.

When situations such as this arise, the brokerage must continue to act in accordance with the lawful instructions of the strata corporation throughout the notice period and for the duration of the contract term.

Practice Tip: Managing brokers should review samples of the strata corporation financial statements provided to the client to ensure that they comply with section 7 - 9 (7) of the Council Rules.

Additionally, the Strata Property Act (SPA) also contains provisions regarding the return of a strata corporation's records when a strata management contract ends (SPA section 37 and Regulation 4.3).

A typical service agreement allows the brokerage to expend strata corporation funds in an emergency, subject to certain conditions — which may include acquiring the approval of the strata corporation before any external contractors are contacted.

Where the brokerage has been designated the responsibility for the record keeping of the strata corporation and / or the completion of a Form B, licensees should bring this requirement to their client's attention.

In order to clarify matters, it is the Council's view that all documents of the strata corporation belong to the strata corporation and thus only a strata council may determine whether a particular document is complete and accurate to its satisfaction, and whether it may be provided to authorized parties.

Making these decisions involves exercising the delegated powers of a strata corporation or strata council and, therefore, these decisions should only be made by a licensee or by the strata corporation client.

(9) After the termination of a strata management service agreement, the brokerage must promptly transfer control of the strata corporation's money to the strata corporation or, if the strata corporation engages another brokerage to provide strata management services, to the other brokerage.