214 Purchase Of Leasehold Tenant’s Interest On Termination

In This Volume

214 (1) The leasehold landlord must purchase a leasehold tenant’s interest in the strata lot on the termination of the strata lot lease.

(2) The purchase price must be arrived at as of the date the strata lot lease terminates and must be,

(a) if a basis for calculating the purchase price was set out in the strata lot lease or in a schedule filed with the leasehold strata plan, the price calculated on that basis, or
(b) if a basis for calculating the purchase price was not set out in the strata lot lease or a schedule, the fair market value of the leasehold tenant’s interest in the strata lot evaluated, in accordance with the regulations, as if the strata lot lease did not expire.

(3) The leasehold landlord may change the basis for calculating the purchase price of the strata lots set out in a schedule if

(a) the leasehold tenants consent to the change by a resolution passed by a unanimous vote at an annual or special general meeting, and
(b) an amended schedule is filed in the land title office, accompanied by a Certificate of Strata Corporation in the prescribed form, stating that the resolution referred to in paragraph (a) has been passed and that the amended schedule conforms to the resolution.

(4) Unless expressly provided otherwise in the strata lot lease or agreed to in writing by the leasehold landlord and the leasehold tenant, the purchase price under subsection (2)(b) must be determined, despite section 175, by arbitration under the Arbitration Act if the leasehold landlord and the leasehold tenant have failed to agree on the purchase price by 30 days before the date the strata lot lease expires, or 30 days after the date of a termination under section 213(2).
(5) The leasehold landlord must purchase the leasehold tenant’s interest in the strata lot within 30 days after the earlier of

(a) the date the purchase price is agreed to, and
(b) the date the purchase price is determined by arbitration referred to in subsection (4).

1998-43-214, effective July 1, 2000 (B.C. Reg. 43/2000); 2011-25-481, effective March 18, 2013 (B.C. Reg. 131/2012).

REGULATIONS AND FORMS

The Strata Property Regulation, B.C. Reg. 43/2000, is included at chapter 58 (Strata Property Regulations). The forms prescribed by the Strata Property Regulation are included at chapter 59 (Strata Property Forms).

Leasehold Strata Plan Schedules, Form O: Section 214(2)(a)

The Strata Property Regulation prescribes Form O, Leasehold Strata Plan Schedules, for the purpose of s. 214(2)(a) of the Act.

Submissions

On the Strata Property Act Filing form, select Form O, Leasehold Strata Plan Schedules, and attach an image of the original Form O and Form E.

Certificate of Strata Corporation, Form E: Section 214(3)(b)

The Strata Property Regulation prescribes Form E, Certificate of Strata Corporation, for the purpose of s. 214(3)(b) of the Act.

Submissions

The Form E, Certificate of Strata Corporation, is submitted with the Form O.

Where Form E is required in support of a lease, the Declaration or Strata Property Act Filing form with the attached image of the Form E is submitted immediately following the electronic document.