The 123's of Strata and Bare Land Strata Properties (Flex)

The 123’s of Strata and Bare Land Strata Properties Created by Kale Blakely | Flex Realty Group In British Columbia, there are traditionally two types of strata property, these are: ▪ Strata (Regular / Traditional Strata) ▪ Bare Land Strata What is a "Strata" (Regular / Traditional Strata)? In BC, a "strata" property is a form of ownership where individual owners own: • Their unit/lot (for example, an apartment or townhouse) • Plus a share of the common property (hallways, roofs, parking garages, etc.) The Strata Property Act governs this. In most traditional strata: • The building exterior, roofs, roads, landscaping, etc., are collectively owned and maintained through a monthly strata fee. • The strata corporation (the owners collectively) purchases a master insurance policy that covers: • The structure (building itself) • Common property • Liability Unit owners typically just need: • Condo Insurance (contents + personal liability), and • Deductible coverage to protect themselves if a claim is made against the strata