What is a Form B?
There are a lot of documents to read through when buying a stratified condo. The strata doc package will contain a “Form B: Information Certificate.” This is issued by the property management company or if self-managed - the strata council. The form states information pertaining to the strata corporation, building and the unit itself. If it is a sectioned strata (joint, commercial, residential) there will be one form for each section. Each one may have different information, so it is important to read and consolidate info between all forms provided.
The Form B states
How many parking stalls associated with the unit
How many storage lockers associated with the unit
How those parking/storage areas are defined: common property, limited common property, part of the strata lot or assigned.
Monthly strata fees
Copy of any indemnity agreements or suite alterations approved by the strata
Any amount that is owed to the strata by the current owner (unpaid fees, levies, fines)
The balance of the contingency reserve fund (CRF)
Any pending strata changes requiring a vote that have been proposed and not yet voted on
Any outstanding legal proceedings (such as a Civil Resolution Tribunal (CRT) case)
How many units are currently rented. Some buildings have rental bylaws that restrict the % or number of units that can be rented at any one time.
Copy of the most recent depreciation report, if available
Copy of the current years budget
Copy of any rental disclosure statements, if applicable
It is important to cross-reference the info on Form B with the strata plan, council minutes, AGM/SGM’s, MLS listing, bylaws, budget and other information provided by the selling agent. Your mortgage broker might also ask for this form as part of your final financing approval. Reviewing this form is part of due diligence.
