BUYING A CONDO
Condominium refers to a system of land ownership where each individual owner holds title to a specific unit as well as owning a share of common property (typically referred to as common elements). Many types of condominium units are found in the marketplace: an apartment suite in a high rise complex, one of a row of townhouses, a detached or semi-detached house, or even a vacant lot. Leasehold, as well as freehold, condominiums can also be found in selected provinces.
The characteristic that has bound all these diverse forms of ownership is that, in each, the owners of the condominium units also own an undivided interest in the common elements. Such elements might include hallways, elevators, parking structures or lots, landscaped areas, recreational facilities, roadways, and any other property owned in common by all unit owners within a specific condominium project.
Interestingly, even that fundamental distinction is now disappearing with the introduction of common element condominiums in which projects have no units but only common property (e.g., golf course). The term unit under such legislation refers to the common interest held by an individual and not a specific unit beyond the common elements. The proportionate share of ownership is typically registered to property beyond the condominium project.
Insurance requirements for condominiums consist of three separate groups.
Insurers typically provide owner policies for condominium owners structured on the same general basis as is the case for residential property. Tenant package policies are structured for both condominium tenancies as well as other rental accommodation. Real estate practitioners should note that the rental agreement for a condominium may specify that the tenant provides coverage for those items owned by the landlord on the premises, e.g., appliances and carpeting.
Condominium Fees
Condo owners in Halifax HRM pay condo fees on a yearly or monthly basis.
Condominium transactions are more complex than freehold home transactions. The Condominium Act is a piece of provincial legislation which governs every aspect of the building management, sale and purchase of units in a condo development. While these controls are designed to protect homeowners and buyers, they can be daunting to first-time buyers. Brian & Julie are condo specialists that have extensive knowledge of the condo purchase and sale process, and will guide you through every step of the way.
For more information call Susan today at 456-4888