Developers of Pre-Sale Condos and Other Strata Lots
Developers of real estate in B.C. are required to collect and report comprehensive information about assignments of purchase agreements for pre-sale condos and other strata lots.
Information on all assignments of purchase agreements signed on or after January 1, 2019 must be entered into the Condo and Strata Assignment Integrity Register (CSAIR).
Information is collected from both the assignor and assignee before the developer consents to an assignment.
Adding Your Developments to CSAIR
Developments must be added to CSAIR in order to report an assignment or make a statement certifying that there were no assignments during a reporting period.
Developments must be added to CSAIR as soon as you file your Disclosure Statement with the Office of the Superintendent of Real Estate.
The date you add your development to CSAIR determines the earliest quarter you can file a report. It is important to add your development right away so that you can begin your reporting obligations on time.
If you are marketing a phased development, enter each phase separately in CSAIR. This will ease your reporting obligations each quarter and help you understand your reporting requirements for each phase.
Before the strata plan is deposited
Your reporting obligations begin as soon as you enter into the first purchase agreement for a condo or strata lot in a particular development. All information is reported in CSAIR.
You report quarterly until the strata plan is deposited with the land title office. The quarters are:
- January 1 – March 31
- April 1 – June 30
- July 1 – September 30
- October 1 – December 31
Information must be filed in CSAIR within 30 days after the end of each quarter. For example, you have until April 30 to file information for the January to March reporting quarter.
If there are no assignments during a reporting period, a statement certifying that there were no assignments during the period must be filed in CSAIR within 30 days after the end of that reporting period.
At the end of each reporting period you will identify in CSAIR whether or not the strata plan has been deposited with the land title office. At this reporting stage the development must include the strata plan details.
After the strata plan is deposited
When the strata plan is deposited, you must report assignment information in CSAIR by the end of the immediately following quarter. For example, if the strata plan is deposited February 8, you identify the strata plan deposit date by March 31. You must then report by June 30 and file within 30 days from the last day of the deposit reporting period, in this case July 30.
In addition to all reporting requirements, you must also report information that identifies all assignments related to the development property. All strata information should be added before the report is filed.
Reporting is then required within 30 days after December 31 and then annually for the next 6 years.
You can stop reporting on a particular development property as soon as one of the following happens:
- You transferred title to all the strata lots in the development property
- The end of the 6th calendar year after the strata plan is deposited
- The development property ceases to be developed
- The development property is sold to another developer
You must keep records to support the information reported. You must also keep copies of every assignment agreement you consented to for at least 6 years after the deposit of the strata plan with the land title office. These records must be kept in your B.C. place of business or the address of service.
Developments that Started Before January 1, 2019
The requirement to collect and report information about assignments of purchase agreements for pre-sale condos and other strata lots began on January 1, 2019.
If you began marketing a development before January 1, 2019 and the strata plan had not yet been deposited by January 1, 2019, you were required to add the development in CSAIR and begin reporting.
If there are no assignments during a reporting period, a statement certifying there were no assignments during the period must be filed in CSAIR within 30 days after the end of that reporting period.
Assignments that happened before January 1, 2019 do not fall within a reporting period and do not need to be reported in CSAIR. However, you must report assignments that happen on or after January 1, 2019.
To do this, you will need to collect the required information from both the assignor and assignee when you provide consent to the assignment.
If you are not required to consent to the assignment, you must still make reasonable efforts to collect the required information to report the assignment.
Generally, if a developer is exempt from the marketing and deposit holding requirements under the Real Estate Development Marketing Act, they are also exempt from the assignment reporting requirements.