A Strata Corporation is responsible for managing and maintaining the common property and common assets of the Strata Corporation for the benefit of the owners. The powers and duties of the Strata Corporation must be exercised and performed by a Council unless the Act, the Regulations, or the By-laws provide otherwise.
The purpose of a Strata Management Company is to perform these actions on behalf of the Corporation at the direction of the Council. Although many corporations manage their affairs in-house, others find their members do not have the time, or the inclination, to take on the everyday responsibilities that come with Council duties.
These Councils make the necessary decisions, and then mandate their execution to a Strata Management Company.
The Strata Management Company will perform all services the Strata Council requires;
- Collect fees and fines
- Transfer money to the contingency fund
- Pay bills
- Ensure all contractors are qualified and licensed
- Sign contracts on behalf of the Corporation
- Provide full accounting to the Council
- Keep historical records of the Corporation