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Difference between revisions of "Buying a Condominium"
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→What is a condominium?
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It’s not the size or shape of a development that makes it a condominium project. Instead, it’s the legal nature of it. If the development is legally created by a strata plan, it’s a strata corporation—whether it’s a 300-unit high-rise apartment, a 50-lot bare land strata recreational development, or a 2-unit strata duplex. | It’s not the size or shape of a development that makes it a condominium project. Instead, it’s the legal nature of it. If the development is legally created by a strata plan, it’s a strata corporation—whether it’s a 300-unit high-rise apartment, a 50-lot bare land strata recreational development, or a 2-unit strata duplex. | ||
It is very important to realize that some condominium complexes in British Columbia are not Strata Corporations and are not governed by the Strata Property Act. Some apartments, townhouses and duplexes are configured under various different legal frameworks such as housing societies, privately owned rental buildings or others. This also occurs on first nations reserve lands where provincial property law doesn’t apply normally. Legal Advice is strongly recommended to ensure that you know what you are offering to buy. | It is very important to realize that some condominium complexes in British Columbia are not Strata Corporations and are not governed by the ''Strata Property Act''. Some apartments, townhouses and duplexes are configured under various different legal frameworks such as housing societies, privately owned rental buildings or others. This also occurs on first nations reserve lands where provincial property law doesn’t apply normally. Legal Advice is strongly recommended to ensure that you know what you are offering to buy. | ||
For more details on condominiums, check script [[Owning a Condominium (Script 401)|401]], called “Owning a Condominium”. It explains several topics including common property, limited common property, the strata plan, the strata corporation, the strata council and insurance. | For more details on condominiums, check script [[Owning a Condominium (Script 401)|401]], called “Owning a Condominium”. It explains several topics including common property, limited common property, the strata plan, the strata corporation, the strata council and insurance. | ||