Co-Ownership Explained

 

 

 

 

 

 

Purchaser obtains ownership of a percentage interest by a deed.

 

Purchaser gains exclusive right to occupy a specific unit through a registered Co-Ownership Agreement and the provisions of the Co-ownership Agreement

 

 

 

Purchaser obtains ownership of a percentage interest in the common areas of the building.

 

Purchaser becomes a member of the Co-Ownership Corporation which:

 

(A) Manages the affairs of the building according to the Co_ ownership Agreement ,the Corporation By Laws and/ or private contracts.

 

(B) represents the interest of the owners

 

Purchaser can individually Finance Her /His own unit

 

Purchaser is assessed for a percentage share (based on the size of the unit is comparison to the whole building) of common expenses.

 

Co-Ownership Agreement requires a reserve monetary fund to be established for maintenance of the building.

 

Purchase can participate in management decisions by sitting on the Board of Directors and voting at annual General meetings

 

Purchaser is subject to the Co-Ownership Agreement Rules and By Laws and other contractual documentation of the Co-Ownership Corporation.

 

Purchaser does not need consent of the other co-owners or Co-Ownership Corporation to sell or rent or mortgage his/her unit

 

Sale of unit subject to a receipt of an Estoppel Certificate which identifies any outstanding or pending payments , assessments or legal actions, re: the unit or corporation

Co-Ownerships have yearly audited Financial Reports issued to all owners and are managed by a professional Management Company.

 

Information Supplied by:

"Martin Rumack" Barrister & Solicitor  416 961 3441

 

For Further In formation  click here