A condominium is a form of real property ownership that has two distinct parts: you own your condominium unit to which you get a title, and you also jointly own common property with the other unit owners in your complex.
Owning a condominium is not the same as renting an apartment where all the duties and responsibilities of running the building are handled by the building owner and caretaker. In a condominium complex, ownership responsibilities belong to you and all the other unit owners in your condominium corporation.
Some examples of residential condominiums are an apartment within an apartment building, a duplex, a bungalow, or a townhouse. Non-residential condominiums may be commercial outlets, resorts, timeshares, and bare land units.
Condominium Unit
The exact boundaries of each condominium unit are identified in a condominium plan.
When you buy a unit you acquire title to a space that is usually bound by walls, floors, and ceilings. You are responsible for the maintenance, repair and remodeling of your unit. However, you may need the board?s permission to remodel your unit if the changes impact the common property.
Bare land Units
In a bare land unit, you buy the actual land and anything built on it. Usually the exterior walls, the roof, the foundation, driveway and at least part of the landscaping are part of the condominium unit and must be repaired and maintained by the individual unit owner. However, the exterior repair and maintenance obligations of the individual bare land unit owners may be transferred to the condominium corporation through the registration of properly worded bylaws.
Common Property
The common property in a condominium complex is everything that is not within a unit identified in the condominium plan. It usually includes the space and facilities outside the condominium units, such as hallways, elevators, heating and electrical systems, laundry rooms, recreation rooms, and landscaped areas. In the case of a bare land condominium this would include such things as roads. Your share of the costs for the maintenance and repair of the common property is determined by your unit factor.
Unit factor
The unit factor identifies your portion of the joint ownership of the common property. The developer assigns a unit factor to every condominium unit when registering the condominium plan. The sum total of the unit factors for all the units in a condominium plan is 10,000. Developers must disclose how they set the unit factor. It is important to know the unit factor assigned to your unit because it will affect your condominium contributions and your voting rights.
Exclusive-use Common Property
You may also lease or have the right to use defined areas of the common property called exclusive-use areas with private access and use of, (i.e. the carport, parking stall or balcony next to the unit). These areas may be identified on the condominium plan or defined in the corporation?s bylaws. The corporation retains the control of these areas.
Check the bylaws to see what exclusive-use areas you can access and what your responsibilities are for those areas (e.g. maintenance). You need to know if you are entitled to the exclusive use of these areas or if the area is shared with the other unit owners. Are you allowed to make any improvements to these areas? If you have any questions, check with the board, manager, or developer before you buy.
Always choose a Calgary Realtor with designated expertise in condominiums when buying Calgary Condos. They will be able to help you better understand the different types of ownership involved.
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