Property Management in BC: Legal Obligations to be Fulfilled Real Estate Companies There

by

smith greal

British Columbia (BC) is one of the prominent provinces in Canada. Located in the western part of the country, the province has recently witnessed a boom in the real estate sector. Both residential and commercial property owners and investors are now exploring unlimited earning opportunities from different properties situated in cities like Vancouver, Pitt Meadows, Surrey, Burnaby, Langley, etc. With the rising property business, the role of various property management companies in Vancouver has become all the more important.

In BC, such companies are known as strata management companies, offering property management for commercial buildings with individual dwelling units and general areas, such as condominiums or apartments. According to the British Columbia Strata Property Act, companies providing property management in BC need to comply with certain legal structure. This enactment lays down the role of these real estate firms, determined by the binding agreement between the firm and the strata council.

A real estate firm in British Columbia extends specific handling and supervising services to the strata corporation. As the role of the firm is strictly governed by the agreement between the parties involved, the BC government advocates that the agreement must distinctly specify what is expected from the property management companies in Vancouver, Pitt Meadows, or Langley. This must include issues related to the power that the strata corporation assigns to the real estate manager, and the rights and responsibilities of the manager.

Since the beginning of 2006, the law of BC has required the real estate firms to be certified under the Real Estate Services Act. The law entails what actions establish property management in Pitt Meadows, Vancouver, or Burnaby. For example, garnering and controlling charges for the sake of the strata corporation make a company eligible for the role of a strata property manager. In addition, a company is outlined by actions like exerting rights and responsibilities that a strata corporation or council has assigned to the manager. This could incorporate things like paying to third parties, or discussing the terms or entering into contracts.

As stated by the Act, the firm providing property management for commercial as well as residential ones cannot perform specific activities. It cannot perform the role of an arbitrator in a settlement proceeding without seeking the permission of all the parties engaged. Furthermore, if the strata council takes the decision to end the services of the real estate firm, they cannot persist with the documents of the corporation for above 4 weeks from the date of ending the association.

smith greal works for Macpherson Real Estate that offers

property management commercial

services in BC for more than 18 years. As one of the leading

property management companies Vancouver

, his firm provides the diversity of handling strata, rental and commercial buildings including apartments and houses.

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