Skip to main content

Posts

Showing posts from July, 2017

Article on Bill 40 Windups

There was an article in the Globe and Mail published Friday, July 7 pointing out some of the intense financial conflicts that have arisen in Bill 40 windups. The same problems that we have warned other owners about with respect to Bill 40 windups are, unfortunately, leading many stratas into ever more complex, costly and time-consuming litigation. The article refers to issues that are limited to a single strata situation. With AP having three stratas, the litigation complexity and costs will be substantially higher if a Bill 40 approach is used. http://www.theglobeandmail. com/real-estate/vancouver/a- new-hitch-for-group-condo- sales/article35609135/ As noted in the article, the potential financial conflicts were not understood by owners when they purchased their units as, until now, windups and assemblies were extremely rare due to the then 100% agreement required. I would urge those reading the proposed contract put forth by Ed Wilson to review that prop