What Is a Form B, and Why Does My Lawyer Need It Before Closing?
If you're buying or selling a North Shore condo or townhome, you'll hear "Form B" constantly. Here's what it actually discloses, and why timing on this one matters more than usual right now.
“• A Form B is an official Information Certificate the strata corporation provides, disclosing strata fees, money owed, reserve fund status, and any legal proceedings
• It’s a snapshot valid only as of the day it’s signed, not for 30 days, despite a common misconception
• Lenders typically require it, and your lawyer will usually request a fresh one close to your completion date
• A BC-wide deadline this July makes the depreciation report attached to many Form Bs especially relevant right now”
If you've bought or sold a strata property in BC, you've run into the term "Form B," usually from your lawyer or notary asking for one. Here's what it actually is and why it matters as much as it does.
A Form B, formally called an Information Certificate under the Strata Property Act, is a document the strata corporation is required to provide when an owner, buyer, or someone authorized by either requests it. It discloses a specific set of facts about that particular strata lot and the building as a whole: your monthly strata fees, any amount currently owed to the strata corporation, whether a parking stall or storage locker is assigned to the unit, the balance in the contingency reserve fund (the building's savings account for future big repairs), and whether the strata corporation is involved in any lawsuits or Civil Resolution Tribunal proceedings. Attached to it must be the strata's current rules, the current budget, and the most recent depreciation report, if one exists.
Here's the detail that catches people off guard: a Form B is a snapshot, valid only as of the exact day it's signed, not for 30 days, even though it's common to hear people talk about it as though it has a standard shelf life. Strata fees can change after a budget gets approved at an annual general meeting. A new special levy can get voted in. A lawsuit can be filed. None of that waits around for a calendar to catch up. That's exactly why your lawyer will typically request a brand new Form B close to your actual completion date rather than relying on one obtained weeks earlier during your initial offer, even if it's technically "recent."
There's a genuinely timely reason this matters more than usual right now. BC changed the rules around depreciation reports, the long-term planning document attached to a Form B that projects major repair and replacement costs over 30 years, eliminating the old loophole that let strata corporations defer them indefinitely. For stratas in Metro Vancouver, which includes North and West Vancouver, any strata that doesn't have a current report, or whose most recent one predates the end of 2020, must have a compliant report in place by July 1, 2026. If you're reviewing a Form B for a North Shore building right around that deadline, the depreciation report attached to it is worth a genuinely careful look, since it's either freshly mandatory or about to become so.
Strata corporations can charge a modest fee for preparing the Form B, capped at $35 plus a small per-page copying charge, and they're required to provide it within seven days of a request. If you need it faster than that, some stratas charge a rush fee, though they're under no obligation to honour a rushed timeline.
What This Means for You
If you're buying, treat the Form B as one of the most important documents in the whole package, not a formality your lawyer mentions in passing. Read the reserve fund balance and the depreciation report attachment together, since a thin reserve sitting alongside a building that's about to need its first compliant long-term repair plan is exactly the combination that can lead to a surprise special levy down the road. If you're selling, get ahead of any amount the Form B shows you owing the strata before it becomes a closing day surprise; this needs to be resolved or accounted for before the strata will issue the corresponding Form F that lets the sale actually register.
If you're in the middle of reviewing a Form B and something in it doesn't sit right, send me a message. I'm happy to look at it with you and give you a straight read before your subject removal deadline arrives.
604.317.4464
Matt@RossettiRealty.ca
About Matt Council
Matt Council is a top-performing North Vancouver Realtor and West Van specialist with a background in finance. He moves beyond the sales hype to offer clients a data-driven, pressure-free approach to buying and selling real estate on the North Shore. Whether you are evaluating a presale in Lower Lonsdale or a detached home in Lynn Valley, Matt helps you understand the numbers behind the move.
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