The Botto Team | (604) 984-7253

 
Friday, December 3, 2010

What is "Unit Entitlement" ?

Back to Blog
 
In Strata Property Ownership, Unit Entitlement indicates each Strata Lot's share in the Common Property (grounds, parkade, hallways, etc.), Common Facilities (guest suite, exercise room, bike storage), and other assets of a development.  The Unit Entitlement is used to determine the proportionate contribution for each Strata Lot to the expenses of the Strata Corporation ( all the owners = 'Strata Corporation').  The calculation of the Unit Entitlement figure as determined by a BC Land Surveyor, is based on the "habitable area" of the Strata Lot, expressed in square meters, rounded to the nearest whole number.  The habitable area means the area of a residential strata lot, which can be lived in, but does not include patios, balconies, agarages, parking stalls, mechanical rooms or storage lockers.  As a very simple example, if there are ten strata lots in a development, and they are all identical in size, then each owner would have 10% share in the common property, common facilities and other assets of the Strata Corporation, and therefore each would pay 10% of the expenses for these per year.

Comments

No comments

Post Your Comment:

*indicates required fields.
Your Name:*
Please note, your email will not be shown publicly
Your Email (will not be published):*
Comment:*
Please type the text as it appears above:
The Botto Team
Grant & Jasmine:(604) 984-7253
Mike Parminter:(604) 626-5028
Fax:(604) 677-5290
Prudential Sussex Realty
2996 Lonsdale Avenue
North Vancouver, BC
V7N 3J4 Canada