This information is available in the strata plan. It is very important, therefore, to confirm the designation of parking and storage when purchasing a strata lot. In terms of parking and storage, strata plans generally have one or more of the following arrangements: the parking stall or storage area is a separate strata lot the parking stall or storage area is part of the strata lot the parking stall or storage area is part of the common property, or the parking lot or storage area is LCP. This privilege can be granted for up to a year. This process is often used in strata plans where parking stalls and storage lockers are common property and they are “assigned” to individual owners and tenants. Informally the strata corporation can permit the owner short term exclusive use. The formal method is to designate the area as limited common property (LCP). There are two ways that a strata corporation can permit an owner to use common property as if it belonged to that owner. The Strata Corporation is responsible to repair and maintain common property. Strata owners will also pay strata fees for the maintenance of common property. For tax purposes, property taxes for each owner are determined from treating the strata lot and the owners’ share in the common property and taxable common assets as a separate parcel of land. When purchasing a strata lot, it is important to understand that the owner of a strata lot must pay the property taxes for that lot. When leased (the developer must lease the land for at least 50 years from the public authority from which it leases the land), the developer is then able to offer leasehold ownership of the strata lots being developed. This is commonly called freehold ownership. The purchaser then becomes the registered owner in fee simple. When purchased, the developer can then in turn sell fee simple title to the buyers of strata lot.
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When developers acquire land to develop a strata project they will either purchase the land or lease it. Strata legislation is self-governing, and the Strata Property Act (Section 165) gives every owner the right to apply to the BC Supreme Court to require the Strata Corporation to comply with the legislation. Strata legislation applies to every type of strata. Strata properties are governed by the Strata Property Act in British Columbia. The Schedule of UE is found in the strata plan. The Schedule of Unit Entitlement (UE) determines, among other things, what this proportionate share is in terms of strata fees and any special levies. A strata owner owns the strata lot and a proportionate share of the common property. The remainder of the property is called common property.
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In a strata property, the part that is owned separately by an individual owner or owners is called the strata lot (also common called the strata unit). Let’s examine this concept a bit further. However, there are also some disadvantages to the strata concept. The advantage is that expenses for the maintenance of common property can be shared. In a patio home complex, common features may include common property that will be maintained by someone other than the patio home owner in exchange for the payment of strata dues paid on a monthly basis. In an apartment building, common features may include items such as recreational facilities, lobbies, the roof, etc. Strata properties are properties that enable an owner to own a separate part of a complex (such as a condominiums in the town of Comox/a> building or patio home complex) together with common features of the complex. But what exactly are they, and why are they different? Strata properties are very common in British Columbia and in the Comox Valley real estate market. The word condominium is used synonymously with strata property in British Columbia. What are Comox Valley Strata Properties?Ĭomox Valley strata properties are fairly common in the Town of Comox and the City of Courtenay.