Tag

home inspection

Browsing

I am thinking of purchasing a condominium. If I go ahead with the purchase, what exactly am I buying? A condominium or “condo” is not a particular type of building, but rather it defines a type of home ownership. A condominium could describe a dwelling in a high-rise building, townhouse complex, or detached home. A condo owner will usually own the interior portion of an individual dwelling unit (sometimes called a strata lot or exclusive portion), as well as a stake in the condominium corporation. A condominium corporation is a specially registered company that has an elected board of directors made up of both condo owners and sometimes non-owners. A condo corporation typically retains the services of a property management company to manage the day-to-day activities of the condo corporation, however, some condos are self-managed. The condo corporation is responsible for managing and making decisions on all aspects of the…