Do You Know the Major Differences Between Common Property & Limited Common Property?
Thankfully, we do and are here to help and inform you in every area of Real Estate. When purchasing a condo or an apartment you are purchasing an interest in land and becoming a tenant in common. Common property is owned collectively by the strata lot owners as tenants in common. Any part of the land and buildings shown on the strata plan that is not part of a strata lot is common property. Limited common property is common property that has been designated on the strata plan or on a sketch plan filed at the Land Title Office for the exclusive use of one or more strata lots.
In a condominium, common property typically includes hallways, elevators, recreational amenities and building exteriors such as the roof. Parking and storage lots may vary from condo to condo. Examining the development’s strata plan and the general index at the Land Title Office for sketch plans and resolution will provide information on whether parking stalls and storage areas are designated as a separate strata lot or part of a strata lot
Limited Common Property
Limited common property (LCP) is common property that has been designated on the strata plan or on a sketch plan filed at the Land Title Office for the exclusive use of one or more strata lots. For example balconies and parking spaces may be designated as limited common property.
Limited common property is often designated on the strata plan as “LCP” with the strata lot number after it. The legend on the strata plan explains how the limited common property is noted. For example the legend on the sample strata plan below shows that the limited common property is designated as:
- “P” with the strata lot number after it for patios
- “PR” with the strata lot number after it for porches
- “W” with the strata lot number after it for bay windows
Removing or Changing LCP
The Owner/Developer can designate areas as LCP, when the strata plan is initially deposited at the Land Title Office. The Owner/Developer can designate parking stalls on a strata plan as LCP at any time before the first annual general meeting. There does not need to be a resolution from the strata corporation to do this. The strata corporation will need to obtain a unanimous resolution, if it is created in this manner.
“The strata corporation can amend the strata plan to designate LCP by passing a unanimous resolution. This must be done at an annual or special general meeting. The strata plan amendment needs to be filled at the Land Title Office with a reference or explanatory plan that shows the amendment. In addition, a “Form E: Certificate of Strata Corporation” needs to be filed stating that the resolution has been passed and that the reference or explanatory plan conforms to the resolution. A designation of LCP on a strata plan created by way of a plan amendment can only be removed with a unanimous resolution and by filing a new plan amendment which shows the removal of the LCP.”
Hopefully this gives you a little more clarity on common property vs. limited common property. Remember that if you have any questions, please email [email protected] and we’d be happy to help!
The information on strata housing is provided for the user’s convenience as a basic starting point; it is not a substitute for getting legal advice.
Strata Property Act: Sections 71, 73, 110, 119, 125, 257
Regulations: Sections 6.9
For more information contact Top Vancouver Realtor Leo Wilk