Condominium

Condominium

 A condominium is a form of tenure that consists of a combination of ownership in fee simple in respect of a described and specific condominium unit, combined with an interest as a tenant in common in respect of the remaining (common) areas. Condominiums are a creation of statute law. When they are created the developer must identify the "individual units" that are to be owned in fee simple, the remaining areas become the common property or common areas held as tenants in common. It is essential that potential buyers look at the particular provincial statute and the details of the condominium plans that create the particular project to determine what constitutes the privately owned portions.

Owners in a condominium project are responsible for all expenses relating to their own individual unit, but in addition the condominium owners must pay their share of the expenses relating to the common areas.

All provincial Condominium Acts provide for the creation of an administrative structure to supervise the day-to-day operation of the project and orchestrate effectively the collective interests of the owners. This administrative structure includes a condominium corporation and governing council.

To most people the term "condominium" implies the ownership of a suite in an apartment building or townhouse complex. While this is generally true it should be noted that many condominiums are not in apartments or townhouses. Condominiums can be vacant lands, nonresidential space and recreational properties.