CONDOMINIUM TERMINOLOGY 1

 

Part one of a three part series of understanding condominium terminology

 

 

When purchasing a condominium it is important to understand the rules, regulations and budgets of the condo complex you are purchasing.

Always review these condo bylaws and budgets before completing your purchase.

 

DISCLOSURE DOCUMENTS

 

As a purchaser of a new or freshly converted condominium, you are entitled to an extensive package of documents that includes estimates of operating costs.  You are entitles to 10 days (the ‘rescission period”) to review and accept these documents.  In the case of condo resales, local real estate boards belonging to AREA have similar guidelines.

 

BYLAWS

 

A set of rules and procedures for the administration of the condominium corporation and the management and conservation of the common property.  An initial set is provided by statute.  However, conscientious developers will provide an appropriate condominium specific set.

 

CONDOMINIUM PROPERTY ACT

 

The name of the Alberta statute that defines directs and regulates condominium ownership.  Since provinces have jurisdiction over land titles, each jurisdiction has its own condominium legislation.   Fundamental concepts are essentially identical.  However, from one province to the next, administrative technicalities may vary significantly.

 

CONDOMINIUM CORPORATION

 

When a plan is deposited with land titles office, an administrative body is automatically created.

Membership in the condominium corporation is made up of the owners of the individual units.  Its purpose is the management of the affairs of the condominium in the best interest of all owners.

 

 

 

 

 

 

 

 

CONDOMINIUM PLAN

 

Every condominium community has a plan, registered at a land titles office, that provides unambiguous definition of the perimeter of the master lot, the location of buildings, unit boundaries, and the unit-factor distributions.  The document replaces the original single title with unit titles.

 

 

BARELAND CONDOMINIUM

 

In an ordinary condominium, both the master lot and the walls and roof o buildings are common property.  Today, many townhouse and villa projects are developed as bare land condominiums in which structures are entirely privately owned and only the land is held as a condominium.

 

CONDOMINIUM UNIT

 

Units are those parts of a condominium master lot that are designated of the private, exclusive use of individual owners.  These structure-defined compartments are defined by boundaries shown on the condominium plan.

 

Please email Terri Harrison with any questions info@terri-harrison.com