Condominium Ownership Explained
Purchaser obtains ownership of an individual unit by a Deed
Purchaser gains ownership to individual unit by a Deed pursuant to the provisions of the Condominium Act
Purchaser gains a percentage interest in the common areas of the building.
Purchaser becomes a member of the Condominium Corporation which:
(a) manages the affairs of the building according to the Condominium Act ,a and more particularly the Declaration and the By Laws:
(b)Represents the interest of the owners
Purchaser can individually finance his/her own unit.
Purchaser is assessed for a percentage share (based on the size of the unit in comparison to the whole building) of common expenses
Condominium Act requires a reserve monetary fund to be established for maintenance of the building
Purchaser can participate in management decisions by sitting on the board of Directors and voting at the annual General Meetings
Purchaser is subject to the Declaration, Rules and By-laws of the Condominium Corporation.
Purchaser does not need consent of the other owners or Condominium Corporation to sell ,rent or mortgage his/.her unit.
Sales is subject to receipt of an Estoppel Certificate which identifies any outstanding pr pending payments ,assessments .or legal actions, re” the unit or the Corporation.
Condominium Corporations have a yearly audited Financial Report issued to all owners and are managed by a professional Management Company.
Information Supplied by:
"Martin Rumack" Barrister & Solicitor
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