Understanding the Different Types of Condominiums
A condominium is defined as ‘a residential unit within a building or complex of similar units that is individually owned’. Condominium owners will own their individual unit but share common spaces, amenities and other resources for which their ‘condominium fees’ cover the maintenance and upkeep. However, there are a few types of condominiums that can be purchased depending on the community and building. We’ve listed some of the different types below to help you further understand.
1. Vacant Land Condominium
A Vacant Land Condominium is when a unit or lot is for sale on vacant land prior to construction. In other words, your condominium registration can occur before construction begins. These types of condominiums can consist only of vacant or bare land, but are often sold to end purchasers with detached, semi-detached, or townhouse homes. There is a monthly condominium fee for this type of property that includes the common areas of the community. Maintenance of the unit (i.e.- snow removal from driveways and grass cutting of land included in the unit) is normally completed by individual unit owners.
2. Standard Condominium
A standard condominium may be a townhouse, high-rise, low-rise, or single-detached home where owners will pay monthly fees to a condominium corporation. The condominium fee will typically cover the maintenance and upkeep of common areas, the exterior of the building(s) – (i.e.- roof, doors, siding), roadways and driveways and any snow removal or landscaping. The actual unit normally consists of only the interior walls of the home (i.e. does not include the roof or outside areas such as a backyard). Standard Condominiums can be phased, meaning that additional units can be added to the condominium after the initial registration is completed. This affects common expenses payable by the units as each phase is added.
3. Common Elements Condominium (POTL)
A Common Elements Condominium is when your home and surrounding land itself is freehold but you pay a fee similar to a maintenance or condominium fee on other parts of the community such as parking, entry roadways, storm water management pond(s) or parks. Your home and surrounding land is referred to as a Parcel of Tied Land or “POTL” to the Common Elements Condominium.
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