Real Estate Blog

Strata Docs: Form B explained for Buyers

If you’re buying a condo or townhome in British Columbia, one of the most important documents you’ll encounter is the Form B: Information Certificate. Often overlooked by buyers, this form contains key financial and legal details about the strata corporation with details that could make or break your purchase decision.

Whether you’re a first-time buyer or a seasoned investor, understanding what’s in the Form B can protect you from unexpected costs and legal headaches down the road.

What Is a Form B?

A Form B (Information Certificate) is a standardized document issued by the strata corporation that provides an official snapshot of the building’s financial and administrative status.
In short, it tells you what you’re really buying into, not just the unit, but the shared responsibilities and financial health of the entire complex.

Strata corporations are legally required under the BC Strata Property Act to provide a Form B when requested, usually through the property’s listing agent or directly by a buyer’s agent.

What’s Included in a Form B

Here’s a breakdown of the essential details found in a Form B:

1. Monthly Strata Fees (a.k.a. Maintenance Fees)

   • How much you’ll pay monthly and what’s covered — such as insurance, cleaning, landscaping, or utilities.

2. Outstanding Payments or Arrears

   • If the current owner owes money to the strata, you’ll want to know before you buy — because unpaid fees can become your responsibility after closing.

3. Special Levies

   • Any approved or pending special levies for big-ticket items like roof replacements, window upgrades, or plumbing repairs.

4. Contingency Reserve Fund (CRF) Balance

   • This is the “savings account” for future repairs. A healthy CRF means the building is financially prepared for maintenance.

5. Insurance Coverage

   • Details about the strata’s building insurance — crucial to understand where your personal condo insurance begins and ends.

6. Legal Proceedings

   • Whether the strata is involved in any ongoing or pending lawsuits. A lawsuit can indicate significant issues and future costs.

7. Bylaws and Rules Reference

   • A confirmation of where the bylaws and rules can be found (these are usually included in the strata document package).

8. Parking, Storage, and Common Property Designations

   • Clarifies what’s included with your unit — such as parking stalls, lockers, or shared amenities.

Why Form B Matters to Buyers

Understanding the Form B isn’t just a formality. It’s a financial safeguard.
Here’s why it’s so critical:

• It reveals potential red flags such as unpaid fees, legal disputes, or low reserves.

• It helps you budget accurately for monthly and future expenses.

• It ensures transparency about what you’re actually purchasing.

• It allows your lender to approve financing, as most mortgage providers require a Form B before finalizing a loan.

In essence, the Form B provides peace of mind — giving you a clear picture of the building’s health before you commit.

How to Get a Form B

Typically, your real estate agent or lawyer requests the Form B from the strata management company.
By law, the strata must provide it within one week of receiving the written request and payment (a nominal fee usually applies).

It’s also smart to review the Form B alongside other strata documents, such as:

• The Form F (Certificate of Payment)

• The depreciation report

• The latest AGM and council meeting minutes

Together, these documents paint the full picture of the building’s condition and management.

Expert Tip from the Frederick Trudeau Real Estate Team

Always take the time to read the Form B carefully or better yet, have your agent or lawyer review it with you. Even one overlooked detail can lead to strata red flags and future costs or restrictions that impact your lifestyle or resale value.

At the Frederick Trudeau Real Estate Team, we guide buyers through every step of the strata review process, ensuring you make informed and confident decisions.

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