Understanding Your Strata
Strata Defined:
The legal term for your home is a “strata lot”. All “strata lots” together form a “strata corporation” and are registered in the Land Titles Office as a “strata plan”.
Your ownership includes the “strata lot” (your unit or home) as well as a portion of the “common property” shared with all other “strata lot” owners within the “strata plan”.
% of Ownership:
Your percentage of ownership of the development is determined by your “unit entitlement” (i.e. typically by size of your unit lot) according to a survey registered in the Land Titles Office after construction is complete. An estimate of the entitlement is listed in your Disclosure Statement.
Common Property:
Common Property consists of most of the area outside the boundaries of individual strata lots (i.e. Storage Rooms, Recreational Facilities, Hallways and Lobbies etc.) These areas belong to all owners, are governed by an elected strata council, and cared for by a property management company (Baywest), who works closely with the council.
Limited Common Property:
Limited Common Property is a form of common property whereby exclusive use of a specific area is granted to one or more owners such as patios or balconies.
Control of the Strata Corporation:
Like a shareholder of a business corporation, you are a member of the strata corporation. Annually, a strata council is elected by the owners to conduct the strata corporation’s business in accordance to the Strata Property Act and the bylaws of the strata corporation. These documents establish the way in which the business will be conducted with the purpose of achieving a harmonious living environment for the owners.
Strata Bylaws:
Strata Bylaws are created through a “special resolution” at a general meeting for all owners. They affect the use of common property and/or individual strata lots.
Strata Rules:
Strata Rules are created by a majority vote of the council at a council meeting. The affect the use and enjoyment of the common property only and must be ratified by the owners at each Annual General Meeting.
