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first-time homebuyers
metronews.ca Thursday, April 11, 2013
Condos can consist of many different styles of buildings and layouts so choose the one that suits your lifestyle. iStockphoto/thinkstock
There’s a style for everyone Richard Woodbury For Metro
While condos often bring to mind thoughts of units in a highrise building, the reality is they can consist of many different styles of buildings, such as townhouses and single-detached houses. Regardless of the type, it is important people find out what exactly they own before purchasing a condo. “It’s always more advisable to get legal counsel prior to doing anything because there are consequences — both financial and otherwise — to signing agreements,” says Syl-
van Schneider, the president of Schneider Attorney Inc. in Montreal. This is especially true given that no two condos are exactly like. In most cases, “you basically own everything that’s in the unit and then you have a share in everything that’s outside of the unit,” says Rosellina Giardino, a real estate lawyer with Giardino Law in Edmonton. The items that would fall outside of the unit (and thus qualify as a common element) would be things like the hallways, any amenity rooms and the building’s mechanical systems. As well, it’s important
to look into whether extras such as parking spaces or storage are included as part of the deal. The Canada Mortgage and Housing Corporation (CMHC) cautions that while these may be for the exclusive use of a unit owner, there may be conditions attached to using them. “While these spaces are exclusive to your use, there may be restrictions on how and when you use them,” says the CMHC’s Condominium Buyers’ Guide. While ownership in most condos consists of owning the unit and having a share in the common elements, it isn’t al-
ways that way. In the case of freehold condominiums (also known as a bare/vacant land condominium), “the unit may be the entire house including the exterior walls, the roof and, in some cases, the land surrounding the structure,” CMHC says. The CMHC also says the maintenance of these outside elements may be the responsibility of the condo corporation or the unit owner. To bring clarity to just what one owns and who is responsible for maintenance, it is crucial to get sound advice. “It’s really important to talk to a lawyer,” says Giardino.
Find out exactly what you own before buying a condo. iStockphoto/thinkstock