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Difference between revisions of "Owning a Condominium"
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→What is a strata corporation and what does it do?
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==What is a strata corporation and what does it do?== | ==What is a strata corporation and what does it do?== | ||
A strata corporation is a corporation that is automatically created when a developer files a strata plan at the Land Title Office. The strata corporation may buy services or goods, and sue or be sued. Also, the strata corporation oversees the common property and enforces the bylaws. The owners of the strata lots are the members of the strata corporation. The board of directors is called the strata council. | A '''strata corporation''' is a corporation that is automatically created when a developer files a strata plan at the Land Title Office. The strata corporation may buy services or goods, and sue or be sued. Also, the strata corporation oversees the common property and enforces the bylaws. The owners of the strata lots are the members of the strata corporation. The board of directors is called the strata council. | ||
Only a strata corporation can sue third parties for defects in, and damage to, common property. Individual unit owners cannot sue anyone apart from the strata corporation, for problems with common property. | Only a strata corporation can sue third parties for defects in, and damage to, common property. Individual unit owners cannot sue anyone apart from the strata corporation, for problems with common property. | ||
