As an owner of a townhouse, what will I own?
Within your strata lot, you basically own everything inside the mid point of the walls and share in the ownership of all other property.
How do I determine what my monthly maintenance payment is?
Your percentage of ownership of common property (known as unit entitlement) multiplied by the Strata Corporation’s monthly budget will give you the amount which you are required to pay.
How is my percentage of ownership determined?
Your unit entitlement is determined by the surveyor during construction of the project and is spelled out in the “Schedule of Unit Entitlement” in your Disclosure Statement. Your unit entitlement divided by total unit entitlement gives you your percentage of common property ownership with the project.
Who prepares the operating budget?
Normally, council prepares the operating budget prior to the Annual General Meeting and sends out the proposed budget with the notice for meeting. At the meeting owners are required to review, and if necessary amend and approve it for the next year.
How does a townhouse differ from a single detached home?
Very briefly, the differences are as follows:
- Townhouse ownership involves an element of group ownership.
- To promote a harmonious environment within this close community rules & regulations and bylaws are established which may restrict or encourage a certain kind of lifestyle.
- In some cases, your mortgage company may exercise their right-to-vote at the Strata Corporation’s meetings.
- Judgments against a Strata Corporation are the responsibility of every owner.
- Your must pay monthly maintenance fees to cover common area expenses.
- Failure to pay monthly maintenance fees or to comply with a bylaw or rule & regulation may result in a fine being levied against your strata lot.
- A lien may be placed on your title for default in assessment fees.
How are my property taxes determined?
The assessment authorities determine your value together with your share of the common property. You are responsible to pay your own taxes, as this is not part of your monthly maintenance fees.
Who controls the Strata Corporation?
The Strata Corporation is made up of all owners who each have, in most cases, one vote. Each year a Strata Council is elected by the owners to conduct the corporation’s business in accordance with the Strata Property Act. The Act gives Council powers and duties to enable competent management to achieve harmony in an environment that is inherently communal.
What does the Strata Corporation’s Insurance Policy cover?
The Strata Property Act spells out that the Strata Corporation must obtain and maintain insurance for the buildings, common facilities and any insurable improvements owned by the Strata Corporation to their replacement value against fire and against other perils as are usually the subject of insurance in respect of similar properties. Very often the Strata’s policy will also include liability coverage, errors and omissions coverage for Council and management, glass coverage for all units and common property, flood, earthquake, and boiler and machinery insurance.
What kind of insurance should I maintain for my own unit?
You should maintain your own liability insurance, insurance for contents, insurance for furnishings and equipment, earthquake, and insurance for any improvements made to your unit.
Can any owner attend a council meeting?
Owners are welcome to attend meetings. If they have a specific topic to address they are requested to advise Council, in writing, 72 hours prior to the meeting.
How do I handle accidents or damage, etc. that occur at the property?
In ALL life threatening situations always call 911 IMMEDIATELY.
Otherwise, it is very important that you call a Council member immediately in the event of an accident or damage etc. This Council member will then contact the appropriate authority who will investigate the accident. Obviously, one would make this call only after tending to the immediate needs of the persons and property involved in the accident itself.
What should I do when my neighbour is disturbing me and other units around me?
We suggest that you contact the neighbour directly, asking the person in a very tactful way to be more sensitive. If the problem persists you should contact the Council in writing, and they will then enforce the rules & regulations or bylaws of the Strata Corporation.
What should I do in the case of a water leak from the roof or siding or a plumbing leak?
You should immediately contact a Council member who will take appropriate action.
What should I do when non-emergency items relating to common property arise such as bylaw violations or a maintenance problem at the building?
You should put the concern in writing to council and they will investigate the concern and respond accordingly. It is important that concerns are put in writing so that patterns are identified whereby increased action may be necessary.
Can I change the lock on my door?
Yes, the keyway only however, as the lockset (being that it faces onto common property) is the responsibility of the Corporation.
What should I do about deficiencies that I notice in common areas?
Again, you should note these items and submit them to a council member.