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).
Developers must also make reasonable effort to collect and report information on any assignments of purchase agreements entered into before January 1, 2019.
Information is collected from both the assignor and assignee before the developer consents to an assignment.
You will report information in CSAIR through your MyLTSA account. Visit the Land Title and Survey Authority of B.C. for more information and to sign up if you do not already have a MyLTSA account.
The register will be available in February 2019.
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 the 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 the CSAIR within 30 days after the end of that reporting period.
At the end of each reporting period you will identify in the CSAIR whether or not the strata plan has been deposited with the land title office. If yes, you provide the strata plan deposit date.
After the strata plan is deposited
When the strata plan is deposited, you must report assignment information in the 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. No reporting is required for the quarter in which the strata plan is deposited. Instead, you must 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, including the final parcel identifier (PID) that relates to each strata lot assigned.
Reporting is then required within 30 days after December 31 and then annually for the next 6 years.
When to stop reporting
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.
Generally, if a developer is exempt from the marketing and deposit holding requirements under the Real Estate Development and Marketing Act, they are also exempt from the assignment reporting requirements.
For example, developers marketing properties for industrial and commercial use, are not required to collect or report assignment information.