Condominium living may be an attractive housing option. It is often reasonably priced and somebody else manages a lot of the upkeep and repairs, like shovelling snow and replacing the roof. Many condos have improved safety features over those located in single-family homes and extend a vast selection of social, recreational and entertainment pursuits.
Nevertheless, buyers should be aware — until they purchase — of the many issues and factors surrounding the purchase price, along with the lifestyle in, a condo. Condominium ownership is extremely different from owning a house under normal fee simple tenure. This part of this Guide can help you better understand this exceptional kind of possession and also prepare you for effective condo living.
A “condo” identifies some kind of legal possession, instead of a manner of construction. Condos are most often considered as components in high tech residential buildings, but they can rather be:
Condominium buyers have three options. They can purchase a new condominium, a resale condominium or a conversion condominium.
“New Condos” refer to components which have never been previously inhabited. They may be in the preparation phase, under construction or recently completed and are often purchased from a programmer. For most buyers, they are an attractive alternative due to their new look and contemporary fittings, appliances and surfaces. In addition they often give buyers the opportunity to customize their components.
“Resale condominiums” are components which have already been inhabited, commonly in old buildings, and are available from the present owner. Among the benefits of buying an present condo is that you get to find out the device, grounds and building prior to making your purchase. In addition you have the chance to meet with other unit owners, talk to a representative of the board of supervisors of the condominium corporation and ask questions of their property manager.
“Conversion condominiums” refer to components at a building that has been formerly used for something else however was, or is to be, renovated for residential usage. As an instance, a lot of loft-style condos are changed from former industrial or commercial buildings. Conversions may also refer to this shifting of components out of rental units to condominium units.
Condos throughout the nation have many similarities and are usually run along the very same principles. As an instance, condos in most states and territories are corporations whose components are independently owned and whose shared components, like halls and elevators, are possessed by each one of the condominium members.
However there are numerous differences. In British Columbia, for example, the legal expression for condo company is “strata business;” in Quebec, it’s “syndicate” or “syndicate of co-owners.” In certain jurisdictions, a buyer can ask the condo corporation for vital info regarding a certain unit and the company as a whole, like if the present owner (in the event of a resale unit) has defaulted in paying their common expenses and when there are not any outstanding lawsuits against the company; based upon the authority, this can be known as either a “status certification” or a “estoppel certification”
It is not just condo vocabulary which varies from place to place. Some authorities have detailed rules addressing condo reserve funds, which pay the costs of major repairs and replacement of the frequent property over the years; in different jurisdictions, book funds aren’t mandatory.