13 Interim Budget Following First Conveyance

13 (1) The owner developer must

• (a) prepare an interim budget for the strata corporation for the 12 month period beginning the first day of the month following the month in which the first conveyance of a strata lot to a purchaser occurs, and
• (b) deliver a copy of the interim budget to each prospective purchaser of a strata lot before the prospective purchaser signs an agreement of purchase and sale.

• (2) The interim budget must include

• (a) the estimated operating expenses of the strata corporation for the 12 month period,
• (b) the contribution to the contingency reserve fund for the 12 month period, which must be at least 5% of the estimated operating expenses, and
• (c) each strata lot’s monthly share of the estimated operating expenses and contribution to the contingency reserve fund, calculated in accordance with section 99.

1998-43-13, effective July 1, 2000 (B.C. Reg. 43/2000).