Are you thinking of buying a duplex home in British Columbia and you have heard the term “non-conforming strata” before, there’s something you should know: There’s no such thing, according to the Condominium Home Owners’ Association (CHOA).
Owning a half duplex in BC
1. It’s a form of joint ownership. One of the key things to consider is that you are entering into a form of ‘joint ownership’ with a neighbor you may not even know. There are such things as ‘party walls’. If things shared jointly need maintaining or replacing and one side says ‘no’, this could down the road result in the need for litigation. Imagine being left to pay and needing to put a ‘builders lien’ on your neighbors 1/2 duplex!
2. It is a Strata Corporation. Even though the ‘strata corporation’ is only made up of 2 strata lots (duplexes) they are required to abide by the rules & regulations of the Strata Property Act. There can be serious risk implications if a Duplex is not following the Act.
3. Is there a Party Wall agreement? Is there an easement for to allow for access during periods of repairs and maintenance.
4. Insurance – Make sure you have the right insurance
A strata is legally defined as any property where a group of owners own their individual strata lots and together own the common property and common assets. Some owners of duplex, triplex, and four-plexes try to manage their properties without formal meetings, bylaws, and strata fees. This makes their lots non-compliant with the Strata Property Act. This arrangement can cause significant headaches.Read this article here to learn more or contact me today for more details.
Learn the essentials of strata administration here
Source: GVR
This article is for guidance purposes only and should not in any way be construed as legal or professional advice.
At all times you should contact your own Lawyer, who will be able to discuss the specifics of your individual purchase.
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Sincerely,
David Hennessey
REALTOR®
eXp Realty
604 626 8903
