What is a Form B Information Certificate in BC strata property transactions?
Correct Answer
A) A strata corporation document giving key financial and legal information about the strata lot and corporation
A Form B Information Certificate is issued by the strata corporation under the Strata Property Act and provides critical information including monthly strata fees, any special levies approved or pending, the Contingency Reserve Fund balance, any lawsuits involving the strata corporation, parking and storage allocations, and rental or age restrictions. Buyers typically request this as part of their due diligence.
Why This Is the Correct Answer
Option A is correct because a Form B Information Certificate is issued by the strata corporation under the Strata Property Act and provides key financial and legal information including: monthly strata fees, any special levies approved or pending, the Contingency Reserve Fund balance, any lawsuits involving the strata corporation, parking and storage allocations, rental or age restrictions, and other material information about the strata lot and corporation.
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- → A buyer's lawyer requests a status certificate and pays the fee on May 1. The corporation never delivers it. After closing, the corporation claims the seller owed $3,000 in common expense arrears and demands it from the buyer, who relied on the silence. What is the effect under s. 76 of the Condominium Act, 1998?
- → A status certificate delivered to a buyer omits a $4,000 special assessment that the board levied against the unit after the current budget date to increase the reserve fund. The buyer relied on the certificate and closed. Under the Condominium Act, 1998, what is the result?
- → A seller's salesperson is estimating the buyer's costs of reviewing an Ontario condominium unit's status certificate. What is the most the corporation may charge for providing the certificate?
- → A listing salesperson expects offers next week on a resale condominium unit and knows buyers will want the status certificate. By when must the corporation give a status certificate once it is requested?
- → An investor buyer wants to know how many units in a condominium building were rented last year before making an offer. Which document must state the number of units for which the corporation received lease notices during the preceding fiscal year?
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- → A buyer reviewing a status certificate asks what the condominium's reserve fund may be spent on. Under the Condominium Act, 1998, what is the permitted purpose?
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- → The seller of a condominium unit got board approval and signed a registered s. 98 agreement with the corporation to install a hot tub on her exclusive-use terrace, taking on its repair and insurance costs. How does that agreement affect the buyer?
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