Condominium (Condo) Terms

A Condominium is not a type of house but a form of ownership. The owner has title to a single unit as well as a share in the common elements such as elevators or surrounding land.

The following list will help you better understand regarding the Condominium (Condo) Terms.

AGREEMENT OF PURCHASE AND SALE:
A binding contractr that contains all of the terms, conditions and obligations involved in purchasing a condominium (condo) suite.

COMMON ELEMENTS:
Property areas in a condominium (condo), except the units, that can be used by all unit owners. This may include lobbies, parking areas, recreational facilities, elevators, roofs, etc.

CONDOMINIUM CORPORATION:
A corporation without share capital, created under the Condominium Act, responsible for the ongoing administration of the property including maintenance and operation of the common elements and property. Most day-to-day supervision is typically delegated to a qualified property manager.

CONDOMINIUM DECLARATION:
The constitution of the condominium that effectively creates the condominium corporation and sets out the responsibilities of the owners and the corporation. It defines the boundaries of maintenance and details each owner's percentage share of the overall common

CONDOMINIUM OWNERSHIP:
Ownership of a condominium consists of separate ownership of a specified amount of space (the suite) in a multiple dwelling environment plus tenancy-in-common ownership of the portions used jointly with other owners (the common elements).

DISCLOSURE STATEMENT:
A narrative description of the relevant aspects of the Condominium project. The Statement will contain the proposed Declaration, By-laws, Rules, Management Agreement and Budget Statement. An Agreement of Purchase and Sale is not binding on the purchaser until the copy of the Disclosure Statement is received.

EXCLUSIVE USE ELEMENTS:
Areas in a condominium that you have exclusive use of but are maintained by the Condominium Corporation with your maintenance fees.

INTERIM OCCUPANCY:
The period of time from the occupancy date to the date of title transfer.

MAINTENANCE FEES:
This a monthly charge relating to your share for the maintenance upkeep, administration and insurance for the common element areas. This fee may or may not include additional costs such as heat, hydro and air-conditioning depending on the individual building. Your percentage portion of these expenses is set out in the budget statement usually within your Disclosure Statement.

OCCUPANCY DATE:
The date established by the Developer upon which you must take occupancy of your home.

OCCUPANCY FEE:
The monthly payment, payable by you, for living in your home prior to registration. This consists of your maintenance fees, taxes and monthly interest component.

REALTY TAXES:
Each suite, including parking and locker units, is separately assessed annually by the City based on current property value. Realty Taxes are the responsibility of each individual owner.

REGISTRATION:
When the condominium's declaration and description are ultimately registered in the land titles office, following their approval by governmental authorities.

RESERVE FUND:
A fund used solely for major repair and replacement of common elements and corporation assets.

TITLE TRANSFER / FINAL CLOSING:
Refers to the date after the condominium is registered and upon which you receive title to your home.

UNIT:
The exclusive portion of your property that is considered your home, as specified in the declaration.

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