SCOPE OF SERVICES

Full Service - Management

ColyVan Pacific will provide a full range of essential professional management services including, but not limited to, the highlights shown below. These items are contained within the Appendix of the management agreement.

 

• Collect rents on the first day of the month. Collect maintenance fees on the first day of the month.
• To take and transcribe the Minutes of Strata Council and General Meetings of the Corporation and supply a draft to the Strata Council within one (1) week.
• Note, record and action any problems of which the manager becomes or is made aware of, providing it is deemed to be within the manager?s jurisdiction. Ensure that all possible action is taken in a timely manner to resolve problems in an efficient and cost effective manner.
• Receive and respond to all correspondence with owners.
• Review annually the bylaws of the Corporation and recommend changes to the Strata Council. Such review to be used as a guide and not to be regarded as legal interpretation.
• To the best of our abilities as prescribed by law, ensure that the owners (correspondence as needed) adhere to bylaws, rules or regulations.
• Provide assistance, to the best of the manager's ability, with the interpretation of the Residential Tenancy Act, and the Strata Property Act of British Columbia and its amendments, and advise Council of generally accepted practises throughout the management industry. Such interpretations to be used as a guide and not to be regarded as legal interpretation.
• Serve notices to tenants, levy fines and liens against delinquent owners (Strata), as directed in the bylaws. Provide follow up correspondence and initiate legal action as necessary.
• Provide documentation as required by the Strata Property Act for the sale of any strata lot.
• Maintain a registry of all owners, tenants and tenanted strata lots.
• Provide the Rental Building Owners, Volunteer Co-Operative Boards, Non-Profit Housing Associations and Strata Councils with a monthly statement of receipts and expenses, a statement of reserves and a balance sheet (within 15 days of month end).
• Provide a year end financial statement and/or arrange for auditing, at the expense of the owner or Corporation, as directed (within 60 days of end of year).
• Provide an annual budget projection 2 months prior to the year-end for modification and approval by the Building owner or Strata Council prior to presentation by Council to the Owners at the Annual General Meeting.
• Arrange and attend the Annual General meeting to assist with procedures and take and record minutes.
• Secure annual updates to the insurance appraisal, if requested, for the property and renew insurance policies as they expire. Such insurance appraisal costs and premium costs to be at the expense of the Owner or Corporation.
• Provide payroll accounting, if necessary.
• Deposit all receipts of the Owner or Corporation in a separate trust account or accounts in an institution qualified to engage in the banking or trust business. The Contingency Reserve Fund is held in a separate trust account, too. The Manager's personal accounts are separate from any other trust accounts held by the Manager.
• To obtain and maintain, at the expense of the Corporation, a Strata Council/Management Company Errors & Omissions coverage in the amount of $2,000,000.00.
• To ensure that all insurance premiums are paid on time and that there are sufficient funds on hand to pay such premiums as they become due and shall forthwith notify the Corporation if there are not sufficient funds to pay such premiums. The Manager shall not pay out of its trust accounts of the Corporation any monies to any person, including the Manager, when to do so would utilise funds required to pay insurance premiums; and this provision shall apply notwithstanding the termination of the agreement both before and after the termination, until the Manager has been released therefrom in writing by the Corporation.
• Maintain a double back-up 24-hour (emergency) answering service and arrange for required repairs and maintenance from a reliable trade?s list. The designated property manager of the building responds to all "Emergencies" between the hours of 0830hrs on every Monday until 1630hrs each Friday save and except for statutory holidays. On a rotation basis a Duty Property Manager will respond outside of the hours shown.
• Monitor all service contracts; negotiate renewal or replacement of same.
• The designated property manager will carry out regular site inspections and provide the Council with a report at the following meeting.
• Prepare Income Tax Returns on behalf of the Owner or Corporation and complete WCB registration and file annual reports.
• ColyVan Pacific is uniquely qualified to manage your project, due to our extensive knowledge and fully qualified personnel. We manage at a level few can achieve and find our hands on approach to management appreciated by all our clients.
• When requesting a proposal, please note that our minimum fee is $1000 monthly, exclusive of taxes and disbursements.
• Some of the above noted services are in addition to our basic service and carry additional fees (e.g. Income Tax Returns)

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