Hey this is your Power Realtor Cherine Anderson with a Power Tip for today.
Did you know that if you don’t pay your maintenance fees you could actually lose your apartment?
If you don’t pay your maintenance fees for a period of time or you owe your strata a lot of money, here’s what they could do:
- If your Strata is being run properly, they could exercise their right to send you a warning letter. And,
- If you don’t respond or ignore the warning letter, after 30 days
- They could apply to The Commission of Strata for a Power of Sale Certificate to sell your apartment
Once they receive the Power of Sale Certificate, your Executive Committee could sell your apartment to recoup the money you owe. They will also take out any legal, advertising and extra costs associated with the sale.
If you borrowed a loan (mortgage) to buy your apartment, the remaining money from the sale would be shared between you and your lender(s).
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