Read Full Answer at: http://www.rightpricedrealty.com/Blog.php/55
QUESTION OF THE DAY~ is where we answer a question that was emailed to us or asked by one of our clients. A question, we feel more people might have, and therefore the answer should be shared. If you do have a question you would like answered, please email us your question to seminar@rightpricedrealty.com
Contingency Reserve Fund (CRF) means a fund for common expenses that usually occur less often than once a year or that do not usually occur in a strata corporation. The Contingency Reserve is an amount of money set aside by law to equal not less than 5% of the annual budget.
On occasion, the Strata complex may encounter an extra-ordinary expense that has not been foreseen, and therefore not included in the annual budget. In these instances, the funds can be raised by a Special Resolution being passed at an Extra-Ordinary Meeting, or if time permits, at the AGM. It's important to note that funds raised by these levies are due and payable by the owner on the day they are passed.
On occasion when a special levy is assessed, each owner has an upcoming bill for their portion that is due as soon as the special assessment is approved. As an owner you are then required to pay your portion based on the schedule that the strata approve. Some owners are late on their payments and some owners do not pay until they are chased by collections. The challenge this provides, is that the work required to complete the special levy needs to be paid now; as such, a loan will be taken from the contingency reserve fund to pay the contractors while they chase down the owners who still owe money. Until all the owners have paid their special levy, there will be an outstanding loan due to the CRF fund.
BIO~ Right Priced Realty
Wednesday, December 30, 2009
January 2, 2010, 1:00 PM to 5:00 PM we will be hosting an Open House at 8089 209TH Street in Willoughby Heights, Langley
Willoughby Heights Open House!
We are proud to announce that this Saturday, January 2, 2010, 1:00 PM to 5:00 PM we will be hosting an Open House at 8089 209TH Street in Willoughby Heights, Langley. This is an opportunity to visit this excellent Townhouse for sale in beautiful Willoughby Heights.
Please come with any questions you may have. In the meantime you can take a virtual tour of this Willoughby Heights Townhouse for sale.
As always please do not hesitate to give me a call at 604-970-0393 if I can answer any questions before the open house, or if you would like to book a private showing.
Roland Kym
Sutton Group West Coast
We are proud to announce that this Saturday, January 2, 2010, 1:00 PM to 5:00 PM we will be hosting an Open House at 8089 209TH Street in Willoughby Heights, Langley. This is an opportunity to visit this excellent Townhouse for sale in beautiful Willoughby Heights.
Please come with any questions you may have. In the meantime you can take a virtual tour of this Willoughby Heights Townhouse for sale.
As always please do not hesitate to give me a call at 604-970-0393 if I can answer any questions before the open house, or if you would like to book a private showing.
Roland Kym
Sutton Group West Coast
Saturday, December 19, 2009
Read Full Answer at: http://www.rightpricedrealty.com/Blog.php/52
QUESTION OF THE DAY~ is where we answer a question that was emailed to us or asked by one of our clients. A question, we feel more people might have, and therefore the answer should be shared. If you do have a question you would like answered, please email us your question to info@rightpricedrealty.com
1.) The Strata Corporation’s budget is divided into two components:
An operating fund for common expenses which usually occur once a year or more often than once a year; and
A contingency reserve fund (CRF) for common expenses which usually occur less often than once a year or do not normally occur.
2.) Each owner must contribute to the Strata Corporation his or her strata lot’s share of the total contributions budgeted for the operating fund and for the contingency reserve fund (CRF), by means of “strata fees.” Strata fees are calculated in accordance with the requirements of the Strata Property Act. The strata fees for a strata lot’s share of the contributions to the operating fund and the CRF fund are calculated as follows:
Unit entitlement of the strata lot/ divided by the total unit entitlements of all the strata lots * multiplied by the total contributions and then / divided by 12
3.) The unit entitlement for a strata lot is the number indicated in the schedule of unit entitlements on the registered strata plan, and is the only number which can be used to determine the strata’s share of the common property and common expenses of the Strata Corporation.
4.) The unit entitlement is usually based on the habitable area of the strata lot as determined by the surveyor at the time of registration of the Strata Plan, rounded to the nearest whole number. The unit entitlement does not necessarily have to be based on this figure, however, and may be altered by the developer subject to approval by the Superintendent of Real Estate.
BIO: Strata Docs & Right Priced Realty
QUESTION OF THE DAY~ is where we answer a question that was emailed to us or asked by one of our clients. A question, we feel more people might have, and therefore the answer should be shared. If you do have a question you would like answered, please email us your question to info@rightpricedrealty.com
1.) The Strata Corporation’s budget is divided into two components:
An operating fund for common expenses which usually occur once a year or more often than once a year; and
A contingency reserve fund (CRF) for common expenses which usually occur less often than once a year or do not normally occur.
2.) Each owner must contribute to the Strata Corporation his or her strata lot’s share of the total contributions budgeted for the operating fund and for the contingency reserve fund (CRF), by means of “strata fees.” Strata fees are calculated in accordance with the requirements of the Strata Property Act. The strata fees for a strata lot’s share of the contributions to the operating fund and the CRF fund are calculated as follows:
Unit entitlement of the strata lot/ divided by the total unit entitlements of all the strata lots * multiplied by the total contributions and then / divided by 12
3.) The unit entitlement for a strata lot is the number indicated in the schedule of unit entitlements on the registered strata plan, and is the only number which can be used to determine the strata’s share of the common property and common expenses of the Strata Corporation.
4.) The unit entitlement is usually based on the habitable area of the strata lot as determined by the surveyor at the time of registration of the Strata Plan, rounded to the nearest whole number. The unit entitlement does not necessarily have to be based on this figure, however, and may be altered by the developer subject to approval by the Superintendent of Real Estate.
BIO: Strata Docs & Right Priced Realty
Friday, December 18, 2009
READ THE NEW Client Testimonial for our services:
“Roland has been a pleasure to work with. His understanding of the local market and professionalism in dealing with complicated issues arising in real estate transactions has been outstanding. I recommend Roland to anyone looking for a realtor with high integrity and expertise in the Lower Mainland market. He has always gone above and beyond to do the best for his client.”
November 12, 2009
Top qualities: Great Results , Expert , High Integrity
Jagdish Ruprell
hired Roland as a Real Estate Agent in 2009 , and hired Roland more than once
http://www.rightpricedrealty.com/ClientTestimonials.ubr
November 12, 2009
Top qualities: Great Results , Expert , High Integrity
Jagdish Ruprell
hired Roland as a Real Estate Agent in 2009 , and hired Roland more than once
http://www.rightpricedrealty.com/ClientTestimonials.ubr
Open House at 8089 209TH Street in Willoughby Heights, Langley.
We are proud to announce that this Saturday, December 19, 2009, 1:00 PM to 5:00 PM we will be hosting an Open House at 8089 209TH Street in Willoughby Heights, Langley.
This is an opportunity to visit this excellent Townhouse for sale in beautiful Willoughby Heights. Please come with any questions you may have. In the meantime you can take a virtual tour of this Willoughby Heights Townhouse for sale.
http://www.rightpricedrealty.com/Properties.php/Details/20/#viewdetail
As always please do not hesitate to give me a call at 604-970-0393 if I can answer any questions before the open house, or if you would like to book a private showing. Roland Kym Sutton Group West Coast
This is an opportunity to visit this excellent Townhouse for sale in beautiful Willoughby Heights. Please come with any questions you may have. In the meantime you can take a virtual tour of this Willoughby Heights Townhouse for sale.
http://www.rightpricedrealty.com/Properties.php/Details/20/#viewdetail
As always please do not hesitate to give me a call at 604-970-0393 if I can answer any questions before the open house, or if you would like to book a private showing. Roland Kym Sutton Group West Coast
Tuesday, December 8, 2009
WE JUST SOLD THIS LISTING, $17,000 ABOVE ASKING!!!
This fantastic home has been fully renovated. It offers a new roof, new insulation, new windows overlooking the Northshore, new renovations, a new outdoor pool, new wiring (all knob & tube is gone), new floors, kitchen & bathrooms. This property features 3 bedrooms on the main floor & 2 bedrooms downstairs, a workshop, a garage & ample parking. The main feature is the amazing view of the Northshore Mountains & Harbour.
Sunday, December 6, 2009
Saturday, December 5, 2009
OPEN HOUSE TODAY December 5, 09.. 2:00pm to 5:00pm @ # 12 8089 209TH ST, Langley, Willoughby Heights
Modern and comfortable this 4 bedroom home is overlooking the beautifully situation and landscaped Arborel Park. This solid complex is built by Polygon, nearly new with the original owners. This home features a modern kitchen with S/S appliances, granite counters and so much more. This property was featured in many parties with its spacious living, dining and family room with 9' ceilings and sharp laminate floors. This prestigious home features a 2 car garage in addition to an additional uncovered parking for 2 more cars and a private patio. The clubhouse is fantastic with its pool, hot tub, social rooms, child minding area, floor hockey room and so much more... come see it for yourself!
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