A condominium is a fee simple ownership of a defined space within a multioccupancy building such as a multiple dwelling in which portions used jointly common elements are in common ownership with other owners ID: 541416
Download Presentation The PPT/PDF document "Condominium" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
Condominium Slide2
A condominium is a fee simple ownership of a defined space within a multi-occupancy building such as a multiple dwelling in which portions used jointly (common elements ) are in common ownership with other owners
Buyer of a condo gains fee simple ownership of a single unitIt can be tenancy in common or joint tenancyBuyer also has common interest / co-ownership interest in common elements (gym, stairs, pool etc.)Interest in common elements is only tenancy in common and not joint tenancy
Condominium versus FreeholdSlide3
Owners are required to pay maintenance fee for upkeep of common elements
This maintenance fee also contributes towards the reserve fundReserve funds are used for repairs and future developmentUnit owners are personally responsible for condominium debtsThese debts are incurred collectively by all condominium owners but in proportional sharesCondominium versus FreeholdSlide4
Freeholds, Cooperative Buildings and Basements are not condominiums
An example of a freehold is a detached home in Markham where you hold both the land and the property, and there are no common elementsCondominium versus FreeholdSlide5
A Co-Op is a kind of joint ownership whereby a property is owned by a corporation
Members purchase shares in the corporationThis gives them an interest in the propertyYou own a share in a unit because of which you are allowed to live in a specific unit as stated in an agreementIt is different to condominium because in a Co-Op, you own a share and not an actual unit
Condominium versus FreeholdSlide6
Green buildings are energy-efficient
10-day cooling period applies to new condominiums but not old condominiums that are being resoldStatus certificate shows information about entire condominium building as well as individual unit being purchasedIt mentions reserve fund, existing unpaid maintenance dues (for which you will be responsible after purchase)Condominium by-laws can be changed by Board of Directors or through voting
Purchasing a Condo & General Purchase InformationSlide7
Real Estate market is impacted by tax policies
If work is pending start but permission is granted, work has not startedOnce footing is done (foundation has been dug), housing startsHousing that is not complete but has been absorbed is pre-soldHousing that is complete but has not been absorbed is not soldAbsorbed means sold
Development Terms