Saturday, May 22, 2010

Weak strata laws favour developers

Weak strata laws favour developersThe unchecked ability of a B.C. strata developer to ignore the Strata Property Act, fail to maintain reserves, fail to pay strata fees on unsold strata lots and use its block of votes from unsold strata lots to corrupt governance for the developer's benefit are all too common in British Columbia.

In the absence of any defined offences and penalties under the Strata Property Act, a developer is subject only to civil action by the "empty-pocketed" strata buyer, a virtual impossibility.

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A familiar story, this one from Canada, where condos are called "strata property."

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