Refers to a system of land ownership
where each individual owner holds title to a
specific unit as well as owning a share of
common property (typically referred to as
common elements). Many types of condominium
units are found in the marketplace: an
apartment suite in a high rise complex, one
of a row of townhouses, a detached or
semi-detached house, or even a vacant lot.
Leasehold, as well as freehold, condominiums
can also be found in selected provinces.
The characteristic that has bound all
these diverse forms of ownership is that, in
each, the owners of the condominium units
also own an undivided interest in the common
elements. Such elements might include
hallways, elevators, parking structures or
lots, landscaped areas, recreational
facilities, roadways, and any other property
owned in common by all unit owners within a
specific condominium project.
Interestingly, even that fundamental
distinction is now disappearing with the
introduction of common element condominiums
in which projects have no units but only
common property (e.g., golf course). The
term unit under such legislation refers to
the common interest held by an individual
and not a specific unit beyond the common
elements. The proportionate share of
ownership is typically registered to
property beyond the condominium project.
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