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When purchasing a townhome, condo, or any type of strata property most individuals are often not adequately prepared to monitor their condo property management. Owners are often unaware of their responsibilities to the Strata Corporation let alone the scope of responsibility granted to a Strata Corporations through legislation. In turn many owners are unaware of the risks that can occur as a result of the property management decisions made.
Owners rely on their strata council to manage the day to day affairs of their Strata Corporation. There are no specific requirements that are legislated in order for one to serve on council. Owners volunteer their personal time to serve on council but they may lack the experience and knowledge of the Strata Property Act which impedes their decision making process. The risk of not understanding strata laws and governance and lack of strata knowledge can lead to:
Although majority of condo property management is run with the best of intentions by strata councils, owners could be living in a strata corporation which lacks transparency and accountability resulting in the mismanagement.
At Campbell Strata Management Ltd. we serve as more than an agent who works on behalf of the Strata Corporation, we strive to ensure that the Strata Council is conducting itself in a manner that is in alignment with current legislation and industry best practices as much as possible. We do so by:
We have extensive experience building, managing, and overhauling Strata Corporations to ensure that they are functioning in a manner that is the best interest of all owners.
Campbell Strata Management Ltd. is the leader in excellence and by working with your Strata Corporation to manage your building; we will protect the equity of your investment so that you can focus on other aspects of life.
The purpose of developing bylaws for a strata corporation is to maintain an environment that can be enjoyed by all strata lot owners. Strata management companies with experience can assist with starting the bylaws correctly. The Strata Property Act provides a standard set of bylaws, which can be amended by the Owner Developer at the time the strata plan is filed or by the strata corporation through a 3/4 vote at the Annual General Meetings.
As a strata management company we believe in providing sound advisory services for your bylaws to ensure they are reasonable and support the unique needs of your property and living community.
We partner with your strata council to review the bylaws regularly as they are dynamic and must be updated to maintain optimal living conditions for the needs of your strata community.
As per the Strata Property Act Sections 149 to 161 both the strata corporation and the strata lot owner are responsible for ensuring all property and assets are insured and maintained to protect the property in the event of a loss. A good property management company can advise on the best insurance for the needs of your strata.
Insurance in regards to the strata corporation:
The strata corporation is required to obtain and maintain property insurance on all common property and assets as outlined on the strata plan. The insurance must be provided on the basis of full replacement value.
Insurance in regards to the strata lot owner:
As a strata lot owner you are required to purchase Home Owners Insurance to protect your personal belongings within your unit. Please note that you as an owner are responsible for ensuring your insurance includes any upgrades you have made to your unit, as the strata corporation’s insurance will only cover original fixtures.
Owners often carry the following types of insurance: Contents, Liability, and Improvements
For those without insurance we recommend that you consult with Insurance Professionals who can advise you on the adequate coverage for you property.
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Langley: 580- 8621 201 Street, Langley, BC V2Y 0G9Phone: 604.864.0380 Fax: 604.864.0480