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How do I sell a multi-family property?

Q: I own an 8 unit (2 four-plexes) building in Salmon Arm. The units are already strata titled and we would like to sell them individually. Is there a legal requirement to set up a Strata council, establish monthly strata fees and a CRF prior to listing the units? If so would this be done by a lawyer? Any advice you could give me on this would be greatly appreciated.

A : I like Salmon Arm.

I sold the building on 302 – 420 4th Ave and still own a very large suite there.

I assume you have 8 titles?

IN BC, WHEN YOU SELL MORE THAN 5 UNITS … EVEN IF YOU OWN THEM … YOU ARE CONSIDERED A DEVELOPER AND MUST HAVE AN OFFERING MEMORANDUM.

The memorandum must show a budget (including strata fees) and you must also put – I believe 5% of the budget – into the strata fee pot right on day one.

That would definitely have to be done by a QUALIFIED lawyer. Go to the FiCom website for details.

The council must be set up within 90 days after you have sold them. (You can’t have a council without members.)

Much success,

Ozzie

About Ozzie Jurock

OZZIE JUROCK (FRI) is the author of Forget About Location, Location, Location. Ozzie Jurock is also president of Jurock Publishing Ltd.

Peter C. Newman in his book Titans called him a Real Estate Guru. Vancouver Magazine called him one of the 45 brightest people in Vancouver. Ozzie Jurock appears every 2nd Wednesday on Global TV News Hour. He also authored the book: Forget About Location, Location, Location and has written hundreds of published real estate articles in the Vancouver Sun, Business in Vancouver, the Globe and Mail, the Western Investor and dozens of magazines. (List of published articles.) Several thousand people have subscribed to his monthly and weekly newsletters Jurock Real Estate Insider and Jurock’s Facts by Email.

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