Strata parking and storage: own, lease or occupy?

You’re looking to buy a strata condo unit close to an elevator with a parking spot and storage locker also close to an elevator.

You locate a unit you want to buy.  What documents do you have to check to make sure the parking spot and storage locker come with the apartment you plan to buy?

Information Certificate (Form B)

This is an important document to review with your REALTOR®.

As of January 14, 2014, because of changes to the Strata Property Act, strata corporations must identify parking spaces and storage lockers associated with units on the Form B. As a potential buyer, you can see this document.

Also ask your REALTOR® to review the development’s strata plan to determine whether parking and storage areas are designated as:
  • a separate strata lot or part of a strata lot;
  • limited common property; or
  • common property.

The specific rights of strata owners to use parking stalls and storage lockers varies depending on how the use of these areas has been allocated in the development.

 

Read more: http://www.rebgv.org/strata-parking-and-storage-own-lease-or-occupy

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