What is a Strata Wind-Up?
- In 2016 Bill 40 was passed, amending part 16 of the Strata Property Act allowing strata owners to dissolve their strata corporation with only an 80% vote while 100% was required before this.
Why do a Strata Wind-Up?
- The building you live in is going to need some serious renovations or restoration to keep it viable. This will require all the owners to pay some extraordinary special assessments. It may be better to sell the building instead and buy newer.
- Your land which your strata is sitting on has been rezoned to a higher and better use and you will see a significant profit by selling as a Strata Wind-up!
- Or a developer has approached your strata with an offer.
What are the Steps to Do a Successful Strata Wind-Up?
- Establish Interest in Winding Up
- Informal Strata Meeting to Determine Agreement
- List the Property and Get Serious about Selling
- Have Alana Bertini Market the Property
- Review Offers and Write a Formal Agreement
- Off to Court
- Completion and Liquidating the Strata
How Long Does a Strata-Wind-Up take?
- A proper Strata Wind-up will take a minimum of 10-18 months from start to finish. If the Strata receives a developer offer directly, without the marketing, than the process can be quicker. With a developer offer, important steps still must be completed to do a successful Strata Wind-Up before the sale goes to court. You will still need a Real Estate Agent to help negotiate your offer and help navigate you through the process.
Is My Property Worth more if I am in a strata Wind-Up?
- Yes, usually you are worth more selling as a group as opposed to selling on your own. This is especially true when your property has been rezoned to a higher buildable use.
What other benefits are there to doing a Successful Strata Wind-Up?
- Usually after the closing date, the developer offers ‘free rent’ for a few months after you receive your money, moving expenses paid or the opportunity to takes your appliances and fixtures to your next home and many other perks! The price will usually surprise you the most!
Important Key Take Away:
The process and steps to do a successful Strata Wind-Up are important and must be completed to perfection. The reason is that all of it will be scrutinized in court when the Strata has to “Wind-Up”. It is important to get a real estate agent who has experience and knows the process. If not, all your time and expenses can be lost if the Judge does not feel the Strata Wind-Up was handled or completed properly. Do Not Risk it, Call me today to discuss your Strata!
"Alana worked with our Strata for 2 years on our Strata Wind-up. The process was very overwhelming at times, especially when we needed to make sure we were presenting offers to the owners. Alana always assisted with all aspects of communicating to owners on a regular basis and reassured many owners who were stressed about the process. Alana's hard work through Covid-19 and multiple offers, helped us navigate our way through our ultimate Land Assembly getting all owners a more than adequate sale price for our Strata. We were extremely happy with having Alana as our "Champion" acting in the best interest of all owners and getting us substantially more than market value for our homes. Thank you Alana for everything you did for our Strata!
Walden Glen Strata Council"
"Alana Bertini was amazing to have as our real estate agent on our Strata Wind-up and ultimate Land assembly sale. She offered excellent advice, walked us through the entire process, was very diligent about communicating and making sure we all understood everything that was happening at all stages of the process. Alana is very knowledgeable and with her guidance, made this experience very easy. I am grateful for all the hard work she put into the sale of our Strata and, who was also my realtor who assisted me in the purchase of my new dream home as well. I couldn't be happier with the way everything worked out and I would highly recommend Alana Bertini, she is an expert in her field, and we were lucky to have her as our real estate agent.Sincerely,