Untitled Document
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UNDERSTANDING CONDOMINIUMS & CO-OWNERSHIPS
PREPARED BY
Martin K.I. Rumack - Barrister & Solicitor
Tel:416-961-3441 Martin@martinrumack.com
IMPORTANT FEATURES OF CONDOMINIUMS AND CO-OWNERSHIPS
| CONDOMINIUM |
CO-OWNERSHIP |
| Buyer obtains ownership of individual unit by deed. |
Buyer obtains ownership of a percentage interest by deed. |
| Buyer gains ownership of individual unit by deed pursuant to provisions of The Condominium Act. |
Buyer gains exclusive right to occupy a specific unit through a registered Co-ownership Agreement and the provisions of the Co-ownership Agreement. |
| Buyer obtains ownership of a percentage interest in the common areas of the building. |
Buyer gains a percentage interest in the common areas of the building. |
| Buyer 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 by-laws. (b) represents the interests of the owners. |
Buyer 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 interests of the owners. |
| Buyer can individually finance her/his unit. |
Buyer can individually finance her/his unit. |
| Buyer is assessed for percentage share of common expenses, based on the size of the unit in comparison to the whole building. |
Buyer is assessed for percentage share of common expenses, based on the size of the unit in comparison to the whole building. |
| Condominium Act requires a reserve monetary fund to be established for maintenance of building. |
Co-ownership Agreement requires a reserve monetary fund to be established for maintenance of building. |
| Buyer can participate in management decisions by sitting on the Board of Directors and voting at Annual General Meeting. |
Buyer can participate in management decisions by sitting on the Board of Directors and voting at Annual General Meeting. |
| " Buyer is subject to the Declaration, rules and by-laws of the Condominium Corporation. |
Buyer is subject to the Co-ownership Agreement rules and by- laws and other contractual documentation of the Co-ownership Corporation. |
| Buyer does not need the consent of the other owners of the Condominium Corporation to sell, rent or mortgage her/his unit. |
Buyer does not need consent of the other co-owners of the Co-ownership Corporation to sell, rent or mortgage her/his unit. |
| Sale of unit is subject to receipt of a Status Certificate which identifies any outstanding or pending payments, assessments, or legal actions re the unit or Corporation. |
Sale of unit is subject to receipt of an Estoppel Certificate which identifies any outstanding payments, assessments, or legal actions re unit or Corporation. |
| Condominium Corporation has yearly audited financial reports issued to all owners and is managed by a professional management company. |
Co-ownership has yearly audited financial reports issued to all shareholders and is self-managed or managed by a professional management company. |
COMPLIMENTS OF
Paulette Zander Sales Representative Office: 416-640-2661 Cell: 416 456-7481 pzander@rogers.com |
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