Collecting for unpaid strata fees is a very common problem for Strata Corporations. While it can be a very difficult choice to decide to file a lien against an owner, sometimes it is necessary to protect the Strata Corporation’s interests.
Once a lien is filed, the Strata Corporation has priority over even the banks with their registered mortgages. Without this lien in place, the owner can elect to file for bankruptcy, which will leave the Strata Corporation with fees owing which will never be repaid. The lender can also choose to foreclose, meaning that the bank will get their money out, again leaving the Strata Corporation holding the bag.
Check out this great article by Tony Gioventu explaining further details surrounding the process;
http://www.timescolonist.com/condo-condo-smarts-strata-council-has-a-duty-to-collect-money-owed-1.711196
If you’ve been searching for Strata Management Services, then there is a good chance you’ve…
The biggest difference between rules and bylaws, is that rules can only govern common assets…
When it comes to awarding work to contractors, Strata Councils are notorious for choosing the…
This may seem completely counterintuitive, but the reality for most property managers and strata agents…
It's Federal election time here in Canada, and we see Liberal, Conservative, and NDP signs…
This is something that we’ve been thinking about A LOT lately! AI is everywhere right…