Condominium
Purchaser obtains ownership of individual unit (deed)Purchaser gains ownership to individual unit by a deed pursuant to 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, and more particularly the Declaration and the By-laws.
(b) represents the interests of the owners
Purchaser can individually finance her/his own unit
Purchaser is assessed for percentage share (based on the
size of unit in comparison to the whole building) of common expenses
Condominium Act requires a reserve monetary fund to be
established for maintenance of building
Purchaser can participate in management decisions by
sitting on the Board of Directors and voting at Annul General Meeting
purchaser is subject to the Declaration, rules and by-laws
of the Condominium Corporation
Purchaser does not need consent of the other owners or the
Condominium Corporation to sell, rent or mortgage his/her unit.
Dale of unit is subject to receipt of an estoppel
certificate which identifies any outstanding or pending payments, assessments, or legal
actions, re: the unit or Corporation.
Condominium Corporation has yearly audited financial
reports issued to all owners and is managed by a professional Management Company. |
Co-Ownership
Purchaser obtains ownership of a percentage interest by (deed)Purchaser gains exclusive right to occupy a specific unit through a
registered Co-ownership Agreement and the provisions of the Co-ownership Agreement
Purchaser obtains ownership of a percentage interest in the
common areas of the building
Purchaser becomes a member of the Co-ownership Corporation
which:
(a) manages the affairs of the building according to the
co-ownership agreement, the corporation by-laws and or private contracts
(b) represents the interest of the owner
Purchaser can individually finance her/his own unit
Purchaser is assessed for percentage share (based on the
size of unit in comparison to the whole building) of common expanses
Co-ownership agreement requires a reserve monetary fund to
be established for maintenance of building
Purchaser can participate in management decisions by
sitting on the Board of Directors and voting at Annul General Meeting
Purchaser is subject to the Co-ownership Agreement rules
and by-laws and other contractual documentation of the Co-ownership Corporation
Purchaser does not need consent of the other co-owners for
co-ownership Corporation to sell, rent or mortgage /his/her unit.
Sale of unit subject to receipt of an estoppel certificate
which identifies any outstanding or pending payments, assessments, or legal actions, re:
the unit or Corporation.
Co-ownership has yearly audited financial reports issued to
all owners and is managed by a professional Management Company. |