A strata windup is the legal process of dissolving a strata corporation and selling the entire property.

1. Legislation: 2016 amendments to BC's Strata Property Act
2. Approval Requirement: Minimum 80% owner consent
3. Legal Oversight: Court application required for confirmation

• Property value in relation to current market conditions
• Building age and potential maintenance costs
• Zoning and density changes in the area

1. Property valuation by certified appraiser
2. Engagement of legal counsel and real estate professionals
3. Owner vote on resolution
4. Court application if 80% approval achieved
5. Sale negotiation (if approved)
6. Proceeds distribution based on unit entitlement or interest on destruction

• Sale proceeds typically distributed according to original strata plan filings
• Individual unit improvements generally not factored into distribution
• Contingency fund balance distributed post-sale

Engaging experienced real estate and legal professionals is advisable for:

• Navigating complex legal requirements
• Understanding market dynamics
• Ensuring compliance with Strata Property Act

• Interest rate fluctuations may impact timelines
• Insurance considerations for strata properties