Strata corporation has no choice but to collect the strata fees
Dear Tony: Our building experienced a major flood during the cold snap in January. Everyone had to move out to allow for the restoration contractor in for repairs. We are one of three buildings and the owners and tenants have no control over the process of repairs; however, our strata council have given us notice that our strata fees do not discontinue even though we are not getting any of the benefits of the utilities or use of our units.
In extreme circumstances where a strata building was a write off, the owners would be required to convene a special general meeting, and with the support of the insurance broker and strata’s legal advice, determine their options for suspension of the current budget or amendment to accommodate the remaining operational period.
A decision not to proceed with repairs does not wind up a strata corporation. While the physical building may have been lost, the corporation and titles remain. The strata corporation would still be required to convene a special general meeting to wind up the corporation by 80% vote and hopefully find a buyer for the property.
All owners of residential, commercial, and rental strata properties are urged to purchase insurance for their protection. There are liability conditions, property damage, exposure to a strata insurance deductible if the owner is responsible for a claim on a strata policy, the cost of betterments and improvements to a strata unit, and the cost of displacement and living out expenses.
Strata corporation deductibles can easily reach $250,000 for water escape, and strata corporations may obtain a decision through the Civil Resolution Tribunal for the total amount.
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