Condominium ownership consists of two components: private unit ownership and shared common property ownership.
Private Unit: Units are physical spaces within a structure or a parcel of land. Ownership involves a Certificate of Title registered in the name(s) of the owner(s) with the Alberta Land Titles office.·
Common Property: Also known as common areas, common property is the physical space outside the units.
Collectively called the condominium corporation, all unit owners share ownership of the common property.
The Condominium Property Act defines two types of condominiums: conventional and bare land.
Condominiums are a popular property type because they offer:
Buyers should be aware of the following realities associated with condominium ownership:
Below is valuable links to resources to download.
Conventional condominiums are condominium units located within a building. Each unit forms part of a structure and is the individual owner's property. Instead of boundary markers on a plot of land, the unit boundaries are recognized via floors, walls, and ceilings. Unit owners own the area within these boundaries.
Any area outside these boundaries is common property owned by all unit owners.
Conventional condominium unit owners are responsible for their unit’s interior boundaries but share the responsibility of common property with the other unit owners.
When it comes to resale, the Condominium Plan would replace a Real Property Report (RPR).
Bare land condominiums are units on a developed or undeveloped plot of land. Unit boundaries are defined by the size of the lot on which the building(s) sits. Lot boundaries are identified by a required surveyor’s report, such as an RPR.
Bare land condominium unit owners own the space within the marked area of the RPR, and areas outside the bare land unit are common property owned by all unit owners.
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