A buyer relied reasonably on a Form B Information Certificate that did not disclose a special levy the strata had already approved. Under the Strata Property Act, what is the effect of the certificate?
Correct Answer
B) Its information binds the strata corporation in dealings with the buyer
Strata Property Act s. 59(3) requires the Information Certificate to disclose any amount owed for a special levy that has already been approved. Under s. 59(5), the information disclosed is binding on the strata corporation in its dealings with a person who relied on the certificate and acted reasonably. The Act does not create a right to rescind the purchase.
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