Condominium - PowerPoint Presentation

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Condominium - Description

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

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Presentation on theme: "Condominium"— Presentation transcript


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