Common terms
Assessed value: A value prepared for property taxation purposes. It is not automatically the same as current market value or asking price.
Strata: A form of ownership in which an owner has a strata lot plus an interest in common property. The strata corporation has bylaws, budgets and shared responsibilities.
Depreciation report: A planning document used by many strata corporations to consider major common-property components and anticipated future costs.
Special levy: An amount approved by a strata corporation for a specific purpose in addition to regular strata fees.
Title: The registered legal record of ownership and interests affecting land. Legal interpretation belongs with an appropriate professional.
Property transfer tax: A provincial tax that may apply when an interest in property is registered. Current rates, exemptions and programs should be verified with the Province of British Columbia.
Subject conditions: Conditions included in an offer that must be handled according to the contract. Obtain professional advice about contractual obligations.
Completion and possession: Related but distinct transaction milestones. Your legal and real-estate professionals can explain the dates and obligations in a specific contract.
Zoning: Municipal rules governing permitted land uses and development. Future potential should be verified with the relevant municipality rather than assumed from nearby projects.
Official community plan: A municipal planning document that can describe long-term land-use direction. It does not necessarily mean a specific property can immediately be developed in that manner.