1. What Is a Schedule of Unit Entitlement?
In BC, the Schedule of Unit Entitlement is a numerical table which determines two important things for each strata lot:
A. The share of common property and common assets that each strata lot owns, and
B. The proportion of common expenses that each strata lot is responsible for, such as strata fees and special levies.
Although unit entitlement is often roughly based on square footage, that’s not always the case. For example:
In some strata corporations, every strata lot has the same unit entitlement (this is often found in bare land stratas), and
In other cases, the unit entitlement is some other (equitable) number approved by the BC Financial Services Authority (BCFSA).
2. Where Can You Find the Schedule of Unit Entitlement?
A. If the strata’s Strata Plan was filed before July 1, 2000, the Schedule of Unit Entitlement will be on the Strata Plan.
B. If the Strata Plan was filed on or after July 1, 2000, the Schedule of Unit Entitlement will be a separately filed document known as the "Form V: Schedule of Unit Entitlement."
Both the Strata Plan and Form V are filed with the Land Title and Survey Authority (LTSA) and should also be retained by the strata corporation.
3. How Do You Calculate a Strata Lot’s Unit Entitlement?
Calculating a strata lot’s unit entitlement is straightforward:
Strata Lot Unit Entitlement % = (Unit Entitlement of Your Strata Lot / Unit Entitlement of All Strata Lots) x 100
In a sectioned strata, the formula for calculating the unit entitlement in a specific section is:
Strata Lot Unit Entitlement % = (Unit Entitlement of your Strata Lot / Unit Entitlement of All Strata Lots in That Section) x 100
Note: For strata corporations with different types, the calculation can be more complex, but unit entitlement is still the starting point.
4. Why Does This Matter?
The Schedule of Unit Entitlement directly affects how much a strata lot owner must contribute to:
Strata fees
Special levies
Insurance deductibles, and more
In BC, the Schedule of Unit Entitlement is a numerical table which determines two important things for each strata lot:
A. The share of common property and common assets that each strata lot owns, and
B. The proportion of common expenses that each strata lot is responsible for, such as strata fees and special levies.
Although unit entitlement is often roughly based on square footage, that’s not always the case. For example:
In some strata corporations, every strata lot has the same unit entitlement (this is often found in bare land stratas), and
In other cases, the unit entitlement is some other (equitable) number approved by the BC Financial Services Authority (BCFSA).
2. Where Can You Find the Schedule of Unit Entitlement?
A. If the strata’s Strata Plan was filed before July 1, 2000, the Schedule of Unit Entitlement will be on the Strata Plan.
B. If the Strata Plan was filed on or after July 1, 2000, the Schedule of Unit Entitlement will be a separately filed document known as the "Form V: Schedule of Unit Entitlement."
Both the Strata Plan and Form V are filed with the Land Title and Survey Authority (LTSA) and should also be retained by the strata corporation.
3. How Do You Calculate a Strata Lot’s Unit Entitlement?
Calculating a strata lot’s unit entitlement is straightforward:
Strata Lot Unit Entitlement % = (Unit Entitlement of Your Strata Lot / Unit Entitlement of All Strata Lots) x 100
In a sectioned strata, the formula for calculating the unit entitlement in a specific section is:
Strata Lot Unit Entitlement % = (Unit Entitlement of your Strata Lot / Unit Entitlement of All Strata Lots in That Section) x 100
Note: For strata corporations with different types, the calculation can be more complex, but unit entitlement is still the starting point.
4. Why Does This Matter?
The Schedule of Unit Entitlement directly affects how much a strata lot owner must contribute to:
Strata fees
Special levies
Insurance deductibles, and more
At Condo Clear, we’ve found that over 35% of strata corporations are not reporting or calculating strata fees correctly. That’s why we always verify the correct strata fees when reviewing a strata corporation, and recommend that you do too.
"Established in 2017, Condo Clear is the first and only licensed company in BC to offer strata document review services. With over 30 years of hands-on experience managing strata corporations, our team of Review Advisors offer unparalleled insights into the daily challenges and broader issues facing strata corporations. We manually review the documents (no AI here!), to provide you the information and knowledge you need to make well-informed decisions about your strata-titled real estate purchase. We are available to discuss our findings and answer your questions every step of the way!"
Thank you to Condo Clear for the great info!
for more information go to their website: Click here!
