What is a Form B?
A strata Form B Information Certificate is a document that provides critical information about both the strata corporation and a specific strata lot, including: the amount of the regular monthly strata fees; the balance of any arrears and special levies for a specific unit; allocation of parking stalls and storage lockers as either part of the strata lot or as common or limited common property; details about previous unit alterations requiring future maintenance of the property owner; disclosure as to approved changes to bylaws that have yet to be filed at the Land Title Office; the amount in the strata’s contingency reserve fund (CRF); confirmation as to the strata corporation’s involvement in any lawsuits or civil resolution tribunal (CRT) cases; and attached copies of the strata corporation’s rules, annual budget, rental disclosure statement and depreciation report. Click here to see a blank sample Form B.
Each Form B is unique in that it is created for a specific strata lot at a given point in time and the information provided is verified by a signature of either the strata manager or, commonly in cases of self-managed strata corporations, by two strata council members on behalf of the strata corporation. Ergo, a Form B for strata lot 3 will be different than a Form B for strata lot 4, even if produced at the same time. Similarly, a Form B provided for strata lot 9 in January will be different than a Form B provided for the same strata lot in April. A Form B expires and is no longer valid after 60 days from the document date. Buyers and borrowers should make sure that they are given a current Form B because if the Form B expires prior to their completion date, a new one must be purchased for completion.
Form B as an Indicator
Arguably, a Form B may be the most important document for a purchaser to review prior to making an unconditional offer on a strata property. When read carefully, the Form B functions as a tool that indicates potential or actual issues with the property. It enables the purchaser to either: move forward with “eyes wide open,” knowing exactly what her money is buying; or, conversely, to not remove subjects on her purchase offer after learning of a pending lawsuit and inferring that a special levy may be required to fund upcoming litigation. For the same reason, a bank loaning money in exchange for a mortgage against a strata property will also want to see the Form B as a condition of (prior to) funding.
How to Order a Form B
A Form B Information Certificate must be ordered from the Strata Corporation – usually through the online e-Strata Hub portal or directly via the strata management company – and is paid for by the ordering party. The prescribed base cost is $35 for the Form B, but, depending on the management company and delivery platform, there may be additional per page, delivery and rush costs. For a real estate sale/purchase, a realtor will commonly order the Strata Form B; for a stand-alone refinance, your Notary Public can facilitate the order.
