What You Should Know About the Rental Disclosure Statements
by Maggie Chandler on September 2, 2010
in Buyers,Investors
The Real Estate Council of British Columbia points out that there have been recent changes to the Rental Disclosure Statement, as of June 2010, which is part of the Form B that is provided to Vancouver Condo Buyers , from the strata building’s property manager, and is incorporated into the strata docs.
The exemption from a rental bylaw that occurs for all strata lots identified on a RDS has been significantly extended for those developments where the RDS is filed after December 31, 2009. The RDS will apply to exempt all strata lots named in the RDS from the application of a rental bylaw until the RDS expires. In other words, during the period the RDS is valid, a Strata Corporation will be unable to enforece a rental restriction.
If the RDS was filed prior to December 31, 2009, a rental bylaw does not apply to the strata lots identified on the RDS during the period the RDS is valid until the strata lot is sold by the first owner. The only amendment to this provision is to provide that the exemption applies to the first owner (other than the Owner Developer) rather than the first purchaser, thereby clarifying that a person who obtained title as a consequence of an assignment has the benefit of the RDS.
Thirdly, when counting rented strata lots, section 142 has been amended to provide that rentals to family members and rentals permtted on the basis of hardship are not ouncted when determining whether the number of permitted rentals as set out in the Rental Bylaws has been reached.
When buying a Vancouver condo, you should review all the strata documents with your lawyer.
For more info, read the BC Strata Title Act
though deemed to be correct, the above information should not be relied upon without verification. if you need further information seek independent legal advice
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