Common Property And Limited Common Property In Stratas - Province Of British Columbia

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Common Property And Limited Common Property In Stratas - Province Of British Columbia. It's important to know what in your building is common. Limited common property is common property that has been designated for the exclusive use of one or more strata lots identified on the strata plan or as amended and filed by the strata corporation.

The strata plan will contain a legend that designates the common property. Concerns about the use of building strata plans to circumvent aspects of subdivision control can be traced back to before the advent of the strata property act. Under standard bylaw #8 (unless this has been amended) the strata. Property within a strata plan: What is limited common property? 1.1 (1) in this regulation, act means the strata property act. (2) in the act, insured account means an account with a deposit, all or part of which is eligible to be insured by the canada deposit insurance corporation or guaranteed by the credit union deposit insurance corporation of british columbia. A strata development can be buildings or land, divided into separate units, called strata lots. A condominium strata is a strata plan on which a parcel of land with a building is subdivided, usually into parts or units used as dwellings, with the remainder (roofs, gardens, corridors, elevators, recreation amenities, etc.) being either common property (property designated for the use of all strata lot owners) or limited common property (property. Examples of this would be balconies and patios, and sometime parking stalls and storage lockers.

The strata plan will contain a legend that designates the common property. Under standard bylaw #8 (unless this has been amended) the strata. Other provinces have enacted legislation that reins in these. Examples of this would be balconies and patios, and sometime parking stalls and storage lockers. To understand the areas designated as common property review the strata plan, and the general index for the strata corporation at the land title office for any sketch plans and resolutions modifying the common property. Property within a strata plan: For example balconies and parking spaces may be designated as limited common property. Limited common property is common property that has been designated for the exclusive use of one or more strata lots identified on the strata plan or as amended and filed by the strata corporation. (2) in the act, insured account means an account with a deposit, all or part of which is eligible to be insured by the canada deposit insurance corporation or guaranteed by the credit union deposit insurance corporation of british columbia. Employment, business and economic development. Limited common property is common property that has been designated for the exclusive use of one or more strata lots identified on the strata plan or as amended and filed by the strata corporation.