Could you say something about the co-ops? Do you know if a similar MOU is being offered to them?
We are not involved in any discussions regarding the co-ops.
How would the lease modifications impact resale value within the next five years (the period during which the acceptance offer remains open)?
It may be best to speak with a realtor about any impacts on the market and your own property.
When we acquired the property, land transfer tax was not due because the lease had less than 30 years on it. If the lease gets extended, will that trigger current owners to have to pay the tax, or only for new purchases?
Property transfer tax is payable on a lease modification agreement, according to a formula in
the Property Transfer Tax regulation.
During the time the decisions are made, would one be allowed to rent their unit in a no- rentals allowed complex? If not, would you be subject to empty home tax? Will stratas consider changing their bylaws from no rental stratas to allow rentals?
Rental provisions will continue to be up to the strata corporation at individual stratas.
What costs should owners estimate for the actual lease extension process? (e.g.) Do we just sign the lease extension and send it back to the City and it’s done, or do we need to hire a lawyer to register the amendment on title?
The Society will provide an overview of the lease modifications, but it is always recommended to seek a legal review before executing a lease document. Costs for a review will vary.
Can Society members get legal advice?
Miller Thomson LLP, the firm used by the Society, can provide legal advice to the Society, but not to individual strata owners. However, the advice and information provided to Society may be helpful for individual strata owners to share with their lawyers or notaries.
Can we join the SLS Society now or is it too late?
Yes, leasehold strata owners can join. Information as to how to join is available at: http://www.falsecreeksouth.org/replan/agency-2/