Encyclopedia
Form B
The information certificate a strata corporation issues about a strata lot, covering things like fees owing, special levies and bylaws.
For example: A buyer of a commercial strata unit asks for the information certificate early in the subject period. (Illustration only, not a real deal.)
Official source: Strata Property Act (BC Laws)
Example only, not a real client. Say you are buying a commercial strata unit. Your lawyer orders a Form B information certificate from the strata, showing fees, any amounts owing and approved special levies. You check it before removing subjects.
What I’d tell a friend
Get the strata’s information certificate early, and read it with the minutes and financial statements.
Why it matters to you
It's the strata's disclosure of fees, levies, bylaws and disputes. Skipping it can mean buying into a special levy or use restriction.
How to use it in your deal
Buyers should request the Form B early and read it with the attachments, including the budget, financial statements, bylaws, rules and depreciation report. Look for approved or proposed special levies, which may affect who pays between buyer and seller. Check the reserve fund balance against upcoming repairs, and whether there are lawsuits or insurance claims.
Sellers should order it promptly, since there's a fee and a time limit for the strata to provide it. Check it alongside minutes, since the Form B doesn't tell you everything. Ask about insurance deductibles, since owners can be charged up to the deductible if damage starts in their unit, and commercial deductibles can be large.
If a levy is being discussed but not yet approved, negotiate who pays in the contract. In commercial stratas, check whether your section has its own budget and levies. Form B is dated, so ask for an updated one close to completion if a meeting happens in between.
Mistakes I see
Reading only the summary. Missing levies. Ignoring minutes.
In BC and Vancouver
The Strata Property Act the Act requires the information certificate.
Official sources: Strata Property Act (BC Laws) · Strata housing (Government of BC)
What it is
A Form B information certificate is a document a BC strata corporation provides on request, summarizing key facts about a strata lot and the strata.
It covers items such as fees, amounts owing, special levies, the reserve fund and some legal matters.
Using it
Compare it with the minutes and depreciation report.
Ask your lawyer about anything that looks unusual, such as legal claims or unpaid amounts.
Questions to ask before you sign
- Are there special levies?
- What's the reserve balance?
- Are there lawsuits?
- What do the minutes show?
Keep reading
Related terms: Strata corporation, Special levy, Depreciation report
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General information for British Columbia only. It isn’t legal, tax, accounting or financial advice, laws and rates change, and reading it doesn’t make you my client. Any numbers or scenarios are hypothetical. Check the linked official source and talk to a lawyer, accountant or other qualified professional before you act or sign anything. See the terms and disclaimer.