In BC Real Estate, Form B is a document that is used in the process of buying or selling a strata-titled property, which is a type of property ownership where an individual owns a portion of a larger complex, such as a condominium or townhouse. The Form B, also known as the Information Certificate, is a legal document that provides important information about the strata corporation, the unit being sold, and the buyer's rights and obligations as an owner in the strata corporation.
The Form B typically includes information such as the unit's bylaws, rules and regulations, the strata corporation's financial statements, insurance coverage, any legal disputes or judgments against the strata corporation, and other important information that could affect the buyer's decision to purchase the property. The seller is responsible for providing the Form B to the buyer as part of the sales process.
It is important for buyers to carefully review the Form B and consult with their real estate agent or lawyer if they have any questions or concerns before making an offer on a strata-titled property.
