Strata versus Bare Land Strata - what's the difference?
The spring market is heating up, construction is everywhere and land is being developed in so many different ways, recently a few clients of mine have been asking me the same question......"What is the difference between strata and bare land strata?"
The thing is that you really can't tell by looking whether a building or development is strata-titled or not. A single family home in a bare land strata development (“strata subdivision”) can look identical to the single family home across the street which is not in a strata corporation. A townhouse in a strata development may look identical to a row house which is not strata-titled. It’s not the size or type of buildings that makes a strata corporation; instead, it’s the legal nature of it. If the development is legally created by a strata plan, it’s a strata corporation. A strata corporation is created when a developer files a strata plan at the Land Title Office. Sometimes these types of properties are referred to as “strata-titled”. There are significantly different legal responsibilities if housing is strata-titled.
A "Bare Land" strata is governed by The Bare Land Strata Regulations and refers to the subdivision of land into strata lots and common property. In a normal strata all of the lots share land and walls, as well as common property. In a bare land strata each lot is individual and may house a single family self-contained dwelling.Often a developer will create a bare land strata and sell the lots. The bylaws may stipulate rules that govern size, style or color of the units to be built. The developer may provide common facilities like recreation rooms, barbeque sites, roads, etc. The common assets become the responsibility of the owners to maintain. Strata fees are commonly charged in bare land strata's to maintain the common property. Usually these strata fees are lower than a normal strata property as the fees do not cover maintenance of individual dwellings.
In a normal strata property, the strata uses fees to replace the roof, paint the exterior, and pay for common utilities and general maintenance of the entire property."
In bare land strata there are individual assets which would be your home. There are also shared assets which would be streets, sewer, water, power lines and street lamps.
If you're interested in learning more about Strata, Bare Land Strata or any other form of development please feel free give me a call/text or email at 250-755-5759 or firstname.lastname@example.org.