types of Condominiums, there are:
1.Standard Condominium
2.Common Elements Condominium Corporation
3.Phased Condominium
4.Vacant Land Condominium
5.Leasehold Condominium
Please note the terminology may vary from one province/state to the next. In Ontario, Canada, as I mentioned before, Condominiums are governed by the Condominium Act. In the nineties the act went through a major overhaul and came into effect May 5, 2001. It is likely to get revised again.
Before May 5, 2001 Condominiums were considered Standard Condominiums. However, with the new act, four additional types of Condominiums came to the market. So all Condominiums are not the same and you as a buyer must be clear on what you are buying. Here are the different types in simple language.
QUESTIONS AND ANSWERS
What is a Standard Condominium?
All Condominiums in existence before May 5, 2001 are considered Standard Condominiums. Those built afterwards, where the owner takes care of the inside and the Condominium Corporation maintains and repair the outside, generally speaking, are Standard Condominiums.
What is a Common Elements Condominium Corporation?
In this type of Condominium the Condominium Corporation is not responsible for the up keep of any houses/units. It is only responsible for the common elements which may consists of adjoining land, roadways, playgrounds, street lights, etc.
The houses/units themselves are built on a parcel of tied/titled land (POTL). In other words the land each house/unit sits on is owned by the home owner and is tied to the common elements land the Corporation is responsible for. On the common elements land the Corporation is responsible for repairing and maintaining roadways, playgrounds, street lights, etc. that everyone in the complex shares. Each owner takes care of the inside and outside of their unit, including their roofs.
What is a Phased Condominium?
This is easy to understand. It is a Condominium Corporation where the developer builds the units in blocks or stages. When stage one is completed and the appropriate number of units sold, a Condominium Corporation is registered consisting of the units built. The developer then builds another stage/block. Once completed, it gets merged into the existing Condominium Corporation. This continues until the entire complex is built. This may not get finished for several years after you have moved in. Beware of the inconvenience.
What is a Vacant Land Condominium?
Here, you are buying a piece of land to construct a house of your choice. However, to make the land accessible and sellable, the developer must put in the common elements consisting of roadways, street lights, playgrounds, etc. These make up the Condominium.
What is a Leasehold Condominium?
This type of Condominium is built on land that is leased by the developer or a third party to the Condominium Corporation. Lease periods are typically forty or ninety-nine years. The Corporation pays to rent the land, from the maintenance fee collected each month. Will the lease get renewed forever? No one knows.
What are shared facilities?
I use to manage three different Condominiums that were on the same complex. They shared roadways, an underground garage and playgrounds. These are called shared facilities. Other examples would include shared security services, parking control and recreational facilities. These are normally overlooked by a committee/board consisting of one or two members from each Corporation.
SUMMARY
Condominiums are non-profit Corporations with owners. Owners who have agreed to abide by a declaration, a set of by-laws and rules specific to that Condominium.
While residential Condominiums are the focus of this book, do keep in mind the nature of Condominiums are changing, and will continue to change. There are conversion Condominiums. It falls into one of the legal categories above. This is a building that was originally an apartment or office building. It was modified and upgraded then converted to a Condominium Corporation. On the inside of the units it may look different from other Condominium buildings. However they appeal to a certain lifestyle and sector of the Condominium market.
There are Condominium buildings that are exclusively commercial. They may include your small neighborhood shopping plaza as well as the medical building where you go to see your doctor, take your blood test or have an x-ray.
Others are mixed use where on the bottom floors you may have businesses or even a hotel, and the upper floor residential units. Be clear as to the type of Condominium you are buying into.
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