Common Property and Common Assets (22:V): Difference between revisions

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 === 1. Nature of Common Property Ownership ===
-Each strata lot owner owns the common property and common assets of the strata corporation as a tenant in common, proportionate to their unit entitlement (''SPA'', s 66). To determine a strata lot’s share of the common ownership, its unit entitlement is divided by the sum of all unit entitlements in the strata corporation. The strata corporation retains control over use and maintenance of the common property and common assets.
 Because a strata corporation must manage common property for the benefit of the owners as a whole, it cannot make any guarantees to strata lot purchasers about exclusive use of common property, other than through designations of limited common property: see [https://www.canlii.org/en/bc/bcca/doc/1991/1991canlii529/1991canlii529.html ''Hill v Strata Plan NW 2477 (Owners), 2 BCAC 289'', 1991 CanLII 529 (BC CA)].