What is the legal definition of a condominium?

A condominium is a title to a unit of real property which is ownership in the airspace which an apartment, office or store occupies. In a way, an association is merely a conduit for the homeowners to pay for the various expenses of operating the property. …

What best describes ownership of a condominium?

A condominium is a form of property ownership involving multiple-unit dwellings where a person owns his or her individual unit, but the common areas are owned in common. All members share in the costs and maintenance of the common areas.

What are the different types of condominiums?

What Are The Different Types of Condos?

• Standard Condominium Corporations. This type of condo is the most common.
• Common Elements Condominium Corporations. This type of condo corporation doesn’t have any units, but does have shared spaces or amenities.
• Vacant Land Condominiums.

Is a condominium unit real property?

A condominium is an interest in real property consisting of separate interest in a unit in a residential, industrial or commercial building and an undivided interest in common, directly or indirectly, in the land on which it is located and in other common areas of the building.

Why is it called a condominium?

Etymology. Condominium is an invented Latin word formed by adding the prefix con- ‘together’ to the word dominium ‘dominion, ownership’. Its meaning is therefore ‘joint dominion’ or ‘co-ownership’.

Is a condominium considered a corporation?

A Condominium Corporation is created upon registration of the Condominium Plan with the Land Titles Office. It operates pursuant to the provisions of the Condominium Property Act. It is not a company or corporation in the strictest sense, but rather a form of communal living with Owners making up the membership.

Is a condo owner a shareholder?

If you own a condominium, your apartment and a percentage of the common areas (called the “common elements”) belong to you. A co-op owner — often called a shareholder — does not own the unit. In fact, you could call that person a tenant.

What are the five 5 types of condominium corporations?

Freehold Condominium Corporations vs. Leasehold Condominium Corporations

• Standard Condominium Corporations. As you might gather from its name, a standard condominium corporation is the most common type in Ontario.
• Common Elements Condominium Corporations.
• Vacant Land Condominium Corporations.

What is a condo vs townhouse?

A condominium is similar to an apartment in that it’s an individual unit residing in a building or community of buildings. But unlike an apartment, a condo is owned by its resident, not rented from a landlord. A townhouse is an attached home also owned by its resident.

Does condominium have title?

So does buying a condominium unit gives its owner a title? The short answer is yes.

What is another name for a condominium?

In this page you can discover 13 synonyms, antonyms, idiomatic expressions, and related words for condominium, like: condo, apartment house, co-op, home, condos, apartment, townhome, oceanfront, commonly owned apartment house, cooperative apartment dwelling and jointly owned dwelling.

Is a condominium a legal entity?

“Legally, condo ownership is the same as a single family house, only in addition to owning the space in which the unit exists, you also own an undivided interest in the common areas,” says Schiff. “You may also have limited common areas attached to the unit, such as a balcony or storage room.

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