Strata Tip of the Week - Does the strata have to provide general meeting notice packages?

    Source: https://mailchi.mp/condoclear.ca/condo-clear-information-13765005?e=3d30910cc1 https://condoclear.ca/     Strata Tip of the Week - Does the strata have to provide general meeting notice packages?   If you’ve read our email titled “Review the AGM/SGM Notice Packages, not just the Minutes”, you’ll know that in addition to reviewing the general meeting minutes, we also recommend that you obtain and review the general meeting notice packages, as they often contain important information not included anywhere else.   1. So, is the strata corporation actually required to provide the general meeting notice packages?   While it’s standard to obtain the general meeting minutes, some strata corporations, or their management companies, have the incorrect assumption that they are not required to provide the general meeting notice packages.   To understand whether the strata is required to provide these documents, one must look at several different sections of the Strata Property Act:   A. Section 45 - Requires the strata corporation to give written notice of an annual or special general meeting.   B. Section 35 - Requires the strata corporation to retain copies of all correspondence sent or received by the strata corporation.   C. Section 36 - Requires the strata corporation to make the records and documents referred to in Section 35 available for inspection and provide copies to an owner or a person authorized in writing by an owner.   As you can see, reading these three sections together makes it clear that the strata should be providing the general meeting notice packages, if requested to do so.   A point of contention?   Some might ask, are general meeting notice packages “correspondence”? While the Strata Property Act doesn’t define “correspondence”, we think it’s probably safe to assume that sending general meeting notice packages would constitute a form of “correspondence” by the strata corporation. If you’ve got doubts, we recommend you obtain legal advice to confirm this position.   2. Tailor your subject clause to require the sellers to provide the general meeting notice packages   If you’re using the BCFSA Receipt of strata documentation clause, you’ll notice that this clause does not reference the general meeting notice packages. It is therefore important that you tailor the subjects, so that they clearly state that the general meeting notice packages must also be provided. That’s it for this week. If you have any suggestions for other topics you’d like us to cover, please let us know at info@condoclear.ca. Disclaimer: The information provided is for general purposes only. It is not intended to provide legal advice or opinions of any kind. No one should act, or refrain from acting, based solely upon the materials provided, any hypertext links or other general information without first seeking appropriate legal or other professional advice.

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Ready to Begin Your Homeownership Journey?

Are you ready to embark on the exciting journey of homeownership? Buying a home is a significant milestone, and with the right planning and preparation, you can make this dream a reality. In this blog, we will discuss important aspects to consider as you begin your homeownership journey, including creating a savings plan, understanding mortgage affordability, and setting realistic goals. Creating a Savings Plan: One of the first steps in preparing for homeownership is creating a savings plan. Purchasing a home involves many costs, such as the down payment, closing costs, and moving expenses. By setting aside a portion of your income each month, you can gradually build up your savings. Consider automating your savings by setting up a separate account specifically for your homeownership fund. This will help you stay disciplined and ensure that you're consistently saving towards your goal. Understanding Mortgage Affordability: Before diving into the home search, it's crucial to determine how much mortgage you can afford. Lenders typically use a debt-to-income ratio to evaluate your affordability. This ratio compares your monthly debt payments to your gross monthly income. It's important to strike a balance between borrowing enough to afford the home you desire while ensuring that your monthly payments are manageable. Use online mortgage calculators or consult with a mortgage professional to get a better understanding of your affordability. Setting Realistic Goals: As you begin your homeownership journey, it's essential to set realistic goals. Consider your current financial situation, future plans, and lifestyle when determining what type of home you want to buy. Think about the desired number of bedrooms, location, proximity to schools or workplaces, and other factors that are important to you. Setting realistic goals will guide your home search and ensure that you make a well-informed decision. Neighborhood: Another crucial aspect of homeownership is choosing the right neighborhood. Research the areas you're interested in and consider factors such as safety, amenities, schools, and proximity to your workplace. Take the time to visit neighborhoods and explore the surroundings to get a feel for the community. You may also want to connect with a local real estate agent who can provide valuable insights into different neighborhoods. In conclusion, starting your journey towards homeownership requires careful planning and consideration. By creating a savings plan, understanding mortgage affordability, and setting realistic goals, you can pave the way for a successful homeownership adventure. Remember to take your time, explore different neighborhoods, and seek professional guidance when needed. Good luck on your exciting path to becoming a homeowner!

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