|
 What
Do I Own When I Buy a Condominium?
When you buy a condominium, you own your unit, as
well as a percentage of the common property elements allocated to the
unit.
The boundaries of each individual unit and
the percentage of common elements you own may vary from condominium to
condominium, depending on how they are specified in the condominium's
governing documents. Sometimes, the unit boundary can be at the backside
of the interior drywall of the unit’s dividing walls.
Alternatively, the unit boundary can be
the centre line of the unit’s walls. The boundaries of your condominium
unit are an important consideration at the time of purchase—
particularly if alterations and renovations are a potential part of your
purchase plan. The unit typically includes any equipment, systems,
finishes, etc. that are contained only in the individual unit.
The right to use one or more parking spots
and storage areas may be included. While you may have exclusive access
to parking spot or storage area, you seldom actually own the space
itself. For a freehold condominium (or 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.
Prior to making a purchase, you may wish to hire a professional surveyor
to review the site plan for the condominium corporation so you know
exactly where you unit’s boundaries lay.
Components of building systems that serve
more than one unit, such as structural elements and mechanical and
electrical services, are often considered part of the common property
elements, particularly when they are located outside of the unit
boundaries specified in the condominium’s governing documents. There may
be some parts of the condominium complex that are called “exclusive use
common property elements.” They are outside the unit boundaries, but are
for the exclusive use of the owner of a particular unit. Balconies,
parking spaces, storage lockers, driveways and front or rear lawn areas
are common examples of exclusive use common property elements.
It is important to be aware of any
exclusive use common property elements before you make an offer to
purchase a condominium. While these spaces are exclusive to your
use, there may be restrictions on how and when you use them. For
instance, you many not be able to park a boat, RV or commercial vehicle
in your assigned parking spot. There may also be restrictions on what
you can place on your balcony. |