BC Strata’s: Understanding the Schedule of Unit Entitlement

When purchasing a home in British Columbia, understanding the Schedule of Unit Entitlement is crucial for any strata property transaction. This document is pivotal in determining the financial responsibilities and ownership proportions of each strata lot. Here’s a comprehensive look at what you need to know.

What is the Schedule of Unit Entitlement?

In BC, the Schedule of Unit Entitlement outlines the share of common property and common expenses for each strata lot within a strata corporation. While often based on square footage, this isn’t always the case. Some strata corporations may allocate the same unit entitlement to all lots, or another equitable number approved by the BC Financial Services Authority (BCFSA).

Where to Find the Schedule of Unit Entitlement

• Strata Plans Filed Before July 1, 2000: The schedule is included within the Strata Plan.
• Strata Plans Filed On or After July 1, 2000: The schedule is a separately filed document known as “Form V: Schedule of Unit Entitlement.”

Both the Strata Plan and Form V are filed with and obtainable from the Land Title and Survey Authority. Strata corporations are also required to retain copies.

Calculating Your Share

To calculate a strata lot’s unit entitlement as a percentage, use the following formula:

Strata Lot Unit Entitlement % = (Unit Entitlement of your Strata Lot / Sum of Unit Entitlement of All Strata Lots) × 100

For sectioned stratas, the formula adjusts to:

Strata Lot Unit Entitlement % (Sectioned) = (Unit Entitlement of your Strata Lot / Sum of Unit Entitlement of All Strata Lots in That Section) × 100

While determining common expenses in strata corporations with different types can be more complex, the Schedule of Unit Entitlement is still the basis for these calculations.

Why It Matters

Understanding the Schedule of Unit Entitlement is paramount as it dictates your portion of strata fees, special levies, and other communal expenses. Shockingly, research indicates that over 35% of strata corporations misinterpret this crucial document, potentially impacting the financial health of all members.

Importance of Reviewing the Schedule of Unit Entitlement

Understanding the Schedule of Unit Entitlement is essential for grasping the financial obligations associated with a strata lot. It clarifies how much each lot owes for common expenses like strata fees, special levies, and earthquake deductibles.

Changes to Strata Fee Calculation

A strata corporation can change the formula for calculating strata fees from unit entitlement to another method, but this requires a unanimous vote at an annual or special general meeting—a rare occurrence due to the difficulty of achieving unanimous consent.

The Schedule of Unit Entitlement isn’t just another piece of paperwork in the complex world of strata properties; it’s a fundamental element that impacts every aspect of strata living in British Columbia. From dictating your share of common costs to influencing community decisions, understanding this document is crucial. By ensuring you’re informed about your own unit’s entitlement and how it fits into the larger scheme, you protect not only your financial interests but also contribute to the harmonious operation of your strata community.

For more tailored advice and insights into strata living, don’t hesitate to contact us.