Tag Archive for: strata corporation
https://www.reedpope.ca/wp-content/uploads/2020/01/rp-logo.svg 206.2 594.1 JohnM John https://www.reedpope.ca/wp-content/uploads/2020/01/rp-logo.svg JohnM John2023-03-01 12:00:262023-02-27 14:42:17Paying the Bills: Properly Spending the Strata Corporation’s Money
The Strata Property Act requires every strata corporation to meet its common expenses. The money to meet those expenses is usually held in one of three funds: an operating fund, a contingency reserve fund, or a special levy fund. Understanding the operating fund and the contingency reserve fund and the requirements for spending the money in these funds are fundamental concepts that must be understood by anyone intending to spend the strata corporation’s money.
https://www.reedpope.ca/wp-content/uploads/2020/01/rp-logo.svg 206.2 594.1 JohnM John https://www.reedpope.ca/wp-content/uploads/2020/01/rp-logo.svg JohnM John2023-01-30 12:00:352023-01-30 09:54:20Positive Covenants, Parallel Contracts, Post-Incorporation Contracts and Termination
In a recent decision, the original owner developer owned and developed two neighbouring parcels of land into strata properties. As part of the approval process, the owner developer entering into an agreement with Burnaby the terms of which included that several amenities facilities (sport courts, swimming pool, etc.) would be constructed on parcel A, parcels A and B could use the amenities and parcel B would contribute to the costs of maintenance of the amenities.