The Strata property act is a legal document regulating the building, ownership, destruction, expansion and other works on strata buildings in the province of British Columbia in Canada.
How does strata ownership work?
Strata ownership is regulated by the Strata property act which provides the guidelines for individuals to own units or lots of a strata building while sharing the same ground. A strata corporation is formed for each strata building and the body oversees the matters concerning the strata property.
Ownership of a lot is governed by the rules, regulations and bylaws enshrined in the Strata property act.
What is a strata corporation
According to the strata Property act, a strata corporation is formed by operation of law when a strata plan is deposited in a land title office.
The owners of the strata lots in the strata plan become members of the strata corporation. The strata corporation, subject to limitations expressly stated in the act, has the full capacity of a natural person.
What is a strata lot owner?
A strata lot owner is defined as someone who, according to the strata plan presented at the land title office, owns a strata lot and by virtue of lot ownership, is a member of the strata corporation.
What does it mean to live in a strata?
Living in a strata means a person occupies an apartment, condo, duplex, townhouse or any property that is the subject of a strata corporation.
Rental and Ownership of a lot is guided by the strata property act and dictates how the common property is used including mortgages, rentals, expansion of the habitable area or a decrease in the habitable area of a lot.
The Strata Property Act – Full document
The attached pdf shows the full consolidated act. It is intended for reference only.strata-properties-act