Posted on
March 6, 2024
by
BC HOME GROUP
What is the Form B: Information Certificate?
As per the Strata Property Act, a buyer is entitled to obtain a current and complete Form B: Information Certificate. This document is issued by the strata corporation, or the strata manager on behalf of the strata corporation, and contains:
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Some information about the strata corporation as a whole, and
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Some information specific to the strata lot the buyer is intending to purchase.
When providing a Form B to a potential buyer or a real estate licensee, strata corporations, and by extension their strata managers, must use the most current version of the Form B available.
The Issue with Outdated Form Bs:
From our experience, many strata corporations and management companies are still using outdated or incomplete versions of the Form B.
If you come across this issue, you should request that the strata provide a new Form B, which includes all the required information. This will ensure your clients have the up-to-date information they need, to be able to make an informed decision about their purchase.
Depending on how the subject conditions were written, if the strata has provided an outdated or incomplete version of the Form B, you may be able to obtain an extension for your clients. If you come across this issue, we recommend you speak with your managing broker and/or obtain legal advice.
In addition to ensuring that the latest and complete version of the Form B is provided, it is also important to make sure the Form B is current. Check out our previous email titled “Make Sure the From B: Information Certificate is Current”, to learn why we recommend the Form B should not be older than 1 month
The Latest Changes to the Form B:
As per Order in Council OIC 671-23, as of December 6, 2023, the Form B has been amended, requiring strata corporations to answer the following question, regarding electrical planning reports. If the Form B you received does not include and answer this question, the Form B used is outdated and incomplete, and you should request a new one.
What’s this new Form B question all about?
As noted in the BC Government news release titled “Electric vehicle charging in strata corporations”:
“An electrical planning report helps strata corporations to understand their current electrical capacity and their ability to meet new demands for electricity including charging electric vehicles and other needs such as installing heat pumps.”