strata dissolution

Development Opportunities

We have several offerings available and are frequently adding new ones. Click on one of the buttons below to view the offering.

CURRENTLY ON THE GO

  • Port Moody Development OpportunitiesSurrey Development OpportunitiesMaple Ridge Development Opportunities

UNDER CONTRACT

  • Port Moody Development Opportunities

RECENTLY SOLD

  • Coquitlam Development OpportunitiesLower Mainland Development Opportunities

BC’s First-ever Strata Wind-up Under New Law

Bill 40 lowers the required threshold to 80% from 100% for strata corporation members to vote to dissolve their entity and sell their buildings.

As of July 2016, unanimous owner agreement is no longer required to wind-up a strata corporation in BC. Owners of a Vancouver condo became the first in BC to dissolve their strata corporation without 100% owner support. It is estimated that many strata corporations across Metro Vancouver will follow suit and are investigating selling their complexes to developers.

What is Strata Dissolution?

  1. Given rising property values and increased densification, there is no doubt that strata properties will continue to be a significant part of The Greater Vancouver Real Estate market. The issue currently facing many strata properties is their age and rising maintenance and repair costs. In many cases, strata owners need to question if they should continue paying ongoing maintenance and replacements costs or alternatively sell the property to a development company.

  2. This is where our team specializes. Skilled at comparative market analysis and the analysis of ever changing economic conditions provides us with the unique insight to advise landowners of the true potential of their real estate assets by means of the highest and best use of their land. Should the decision be made to de-stratify we can act on behalf of your strata.

  3. Boasting decades of experience in the real estate industry with deep roots in the Tri-City area, our Team excels in navigating the complicated terrain of strata dissolution and investment acquisition.

BC’s First-ever Strata Wind-up Under New Law

Bill 40 lowers the required threshold to 80% from 100% for strata corporation members to vote to dissolve their entity and sell their buildings.

As of July 2016, unanimous owner agreement is no longer required to wind-up a strata corporation in BC. Owners of a Vancouver condo became the first in BC to dissolve their strata corporation without 100% owner support. It is estimated that many strata corporations across Metro Vancouver will follow suit and are investigating selling their complexes to developers.

top

Summary of the Strata Wind-up Process

  • 1st - Let us market your strata.
  • 2nd - Strata Council, lawyers and Sutton receive, review and negotiate offers from developers.
  • 3rd - Town hall meeting to review offers, recommendation on which offer to accept and a straw poll vote to sell.
  • 4th - Developer’s due diligence, subject removal and deposit payment.
  • 5th - SGM to accept an offer with an 80% vote. This is the big vote, you will be agreeing whether to sell at a specific price or not.
  • 6th - Court approval if needed.
  • 7th - Closing.
  • 8th - End of free rent period, time to move or continue living at your current home on month to month basis.

This is a very short summary of the strata wind-up process, we will go through the process in details once we meet. Let our years of industry knowledge and experience work to your benefit. Please call us with any questions you may have.

Commonly Asked Questions

  • Am I voting on selling today?
    No, you are only giving us permission to find buyers on your behalf. Once we have a final, no subject, firm offer, likely in a few months, then you’ll be voting on whether to sell or not.
  • What if the offers are lower? If I agree to let Sutton bring in offers and they end up being lower, does that mean I’ve already agreed to sell?
    No, offers will be reviewed and at that time you will be voting to sell at a specific price. At no time you are obligated to sell at any price!

In the first meeting you are giving us permission to market your complex only, the actual vote to sell won’t happen until a later date.

top
Sutton Group 1st West Realty
118-3030 Lincoln Ave
Coquitlam, BC V3B 6B4
Website by Linda Williams | Copyright © 2019 Private Office Access