Does a strata corporation have to enter into a ‘standard’ service agreement with a brokerage that is providing strata management services to it?
Section 5-1 of the Council Rules requires a brokerage wishing to provide strata management services to a strata corporation to enter into a written service agreement with that client by January 1, 2008, unless the client does not wish to do so. If such an agreement is entered into, section 5-1 outlines a number of typical issues which must be addressed in that agreement. It does not dictate how those issues are to be addressed. That is a matter of negotiation between the parties. Some strata management brokerages prefer to enter into a ‘standard’ agreement which has been created by a law firm on behalf of a Lower Mainland based strata management association, knowing that this agreement addresses the issues required to be addressed by section 5-1 of the Council Rules. However, strata corporations are at liberty to negotiate how any or all of the matters set out in section 5-1 are to be established. Strata corporations may wish to obtain independent legal advice with respect to the servi
Section 5-1 of the Council Rules requires a brokerage wishing to provide strata management services to a strata corporation to enter into a written service agreement with that client unless the client does not wish to do so. If such an agreement is entered into, section 5-1 outlines a number of typical issues which must be addressed in that agreement. It does not dictate how those issues are to be addressed. That is a matter of negotiation between the parties. Some strata management brokerages may prefer to enter into a ‘standard’ agreement which has been created by a law firm on behalf of strata management associations, knowing that this agreement addresses the issues required to be addressed by section 5-1 of the Council Rules. However, strata corporations are at liberty to negotiate how any or all of the matters set out in section 5-1 are to be established. Strata corporations may wish to obtain independent legal advice with respect to the service agreement they are been asked to en
Related Questions
- Does a strata corporation have to enter into a ‘standard’ service agreement with a brokerage that is providing strata management services to it?
- If a strata corporation enters into a service agreement with a brokerage, is that brokerage required to hold the strata corporation’s funds?
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