If you are new to Condos one of the first things to understand about Condominiums is what they are and some of the terminology used when talking about them.
A basic definition of a Condominium is that it is a form of legal ownership. To expand on that it is a form of ownership in which a portion of the common areas is shared collectively with all owners often called common areas and the other portion is that which is owned by an individual(s) and these owners are often referred to as Unit owners.
In Alberta Condominiums are regulated under the Condominium Property Act. The Act details many of the requirements that must be followed by a Condominium Corporation in terms of how the Property deals with owners and the business of the Corporation.
When I am dealing with Clients on the purchase of a Condo I often refer back to the idea of buying into a business when you own a Condo. Since you are buying into a form of ownership that is partly shared with others it is important to understand how that ‘business’ is run.
Simply going on the fact that you love the layout or the location is not enough and you should have a good understanding of where the Corporation is in terms of it’s financial position. Not to worry if that sounds like an overwhelming aspect as there are companies whose sole focus is to review the documentation to ensure that you will be fully informed about your purchase.
Condominium ownership is really a lifestyle choice when you bring it right down to the basics. It is not a form of ownership that everyone will be comfortable with but it is an important segment of the Calgary Real Estate market.
