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CONDOMINIUM
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CO-OWNERSHIP |
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· Buyer obtains ownership of individual unit by deed. |
· Buyer obtains ownership of a percentage interest by deed. |
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· 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. |
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· 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. |
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· 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..
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· Buyer can individually finance her/his unit. |
· Buyer can individually finance her/his unit. |
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· 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. |
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· 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. |
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· 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. |
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· 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. |
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· 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. |
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· 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. |
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· 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. |
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COMPLIMENTS OF:
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Paulette Zander
Sales Representative
416 456-7481 |
Tabassom Najafi
Sales Representative
416 640-2661 |
