We did not have sufficient funds in our contingency in the event of an emergency, so we had to resort to a special general meeting and approving a special levy to all owners. Our strata council has reached an agreement with the family to pay for the deductible when the unit is sold this year, but in the interim, every owner was required to pay their share of the levy. This did raise a question that no one seems to have an answer for. If the unit sells and the $100,000 is paid back to the corporation, what happens to that money?
Condo Smarts: Who gets refunds from special levy? We did not have sufficient funds in our contingency in the event of an emergency, so we had to resort to a special general meeting and approve a special levy to all owners.
Author of the article: Tony Gioventu
Publishing date: Apr 22, 2021 • 7 hours ago • 3 minute read • To proceed with an insurance claim and the repairs, a strata corporation is required to pay the deductible and, in return, may issue a special levy to avoid depleting the reserve funds or if they do not have sufficient funds. Photo by Getty Images /PNG
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Vanessa R.T., Surrey There is a significant amount of confusion in residential communities over what orders apply and how facilities are managed, amid provincial health orders, the Indoor Individual Exercise Requirements issued by the B.C. Centre for Disease Control March 31, and the increased risk of virus spread. There is also a Civil Resolution Tribunal decision that, absent an order from an authority, a strata corporation requires a three-quarters vote at a general meeting to shut down a facility, as it would constitute a significant change in the use of common property or a common asset. Compound this with strata corporations feeling comfortable because they have liability waivers, and we have conflicting practices across the province. What’s the best solution?
Condo Smarts: COVID-19 updates revisited There is a significant amount of confusion in residential communities over what orders apply and how the facilities are managed.
Author of the article: Tony Gioventu
Publishing date: Apr 15, 2021 • 6 hours ago • 3 minute read • Establish best practices for your corporation to ensure the health and safety of your residents. Photo by Getty Images /PNG
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Dear Tony:
Our strata corporation has chosen to leave our pool and our exercise room open to residents of our building. Many of our owners are concerned about the risks of spreading the virus and pressuring our strata council to rethink this option.