Categories: Strata Real Estate

How does strata go about collecting for unpaid strata fees?

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

Chris Stepchuk

Recent Posts

Property Management has very little to do with actually managing properties!

This may seem completely counterintuitive, but the reality for most property managers and strata agents…

5 days ago

Can the strata ban election signs?

It's Federal election time here in Canada, and we see Liberal, Conservative, and NDP signs…

2 weeks ago

Will AI replace my strata manager?

This is something that we’ve been thinking about A LOT lately! AI is everywhere right…

3 weeks ago

How does Strata Earthquake insurance work?

All strata insurance policies, at least every single one that I have ever seen, has…

4 weeks ago

What to know about Strata Council hearings

When an owner requests an official hearing from Strata Council, there is no need to…

1 month ago

How can Strata Managers keep track of everything???

Being a Strata Agent can be a VERY demanding job. Dealing with 10-20 buildings who…

1 month ago