Dear Tony: We recently moved into a coach house that is part of a new three-unit strata corporation in Vancouver. We have always lived in larger strata buildings that have operated smoothly, but we can already see a few rough roads ahead. The owner of the largest unit has decided we will be casual in operations as they come up, no need to maintain bank accounts, and everyone will simply split the cost of expenses three ways without the need for an annual budget.
You are required to hold an annual general meeting, approve a budget of the common expenses, account for operating expenses and contingency reserve accounts, purchase insurance in the name of the strata corporation for all common property, assets and fixtures, keep minutes of your meetings, and open a bank account for the strata corporation.
All common expenses are based on unit entitlement. These would include the annual share of insurance costs and a share of a common insurance deductible, operating costs such as common area maintenance and utilities, and contingency contributions and any special levies that may arise.
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: timescolonist - 🏆 15. / 75 Read more »
Source: blogTO - 🏆 44. / 63 Read more »
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »