Division of Ownership

Currently we have a small garden suite for sale in a brand new triplex. Above is a 2 story unit, and out back is a coach house.

A potential Buyer wants to know if the owner of the garden suite will own 1/3 of the land, as one of the 3 owners of the triplex. Division of ownership, and also division of strata fees (if there are any) are based on the size of each unit. Therefore the owner of the largest unit owns the biggest share of the land but also pays a greater portion of the insurance, strata fees and property taxes.


Below is a great definition of "strata" from the Canadian Home Builders Association. Let me know if you have any questions!

Condominium

(called “Strata” in the province of British Columbia)


Condominium ownership means you own the individual unit you live in, and share in the ownership of common spaces. Common spaces can be within the building (e.g. corridors and foyers), the grounds around the building, and any shared amenities (e.g. swimming pools, recreation rooms). 

You are responsible of the upkeep of your unit, including property taxes, and pay a monthly “condo fee” towards the costs of maintaining common spaces and amenities.
 
You and the other owners of units within your building manage the common areas through an owners’ association. The association makes decisions about using and maintaining the common space, and sets your condo fees.​

Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.