When purchasing a condominium, it is important to understand the difference between owned and exclusive-use property and what the details are for the particular condo unit that you are looking to potentially own.
It can be confusing for a buyer when purchasing a condo as this property type is very different than owning a freehold house and could also come with various rules and regulations. For instance, does the condo you are thinking of purchasing have a parking space with the unit, or a parking space and a unit? These are two very different concepts, so it is suggested to seek professional advice from someone that can explain the actual details of the condo unit.
Parking spaces and lockers are the two additions to condominium units that can be owned or exclusive. When a unit comes with an owned parking or locker, it will have a separate deed from the actual condo unit. This means, an owner could sell each off individually (but only to a current owner in the complex) or together with the unit. As for an exclusive parking and locker, they are included with the deed of the condo unit and owners are unable to sell them separately.
Condominiums also have exclusive-use property that will never be owned. Such as, balconies and the exterior of condo townhouses. The corporation owns the exterior of the property and gives you the rights to exclusively use it. Depending on the rules and regulations of the complex will depend on how the occupant is allowed to use the space. For instance, some condominiums do not allow owners to smoke on or store certain items on the exclusive-use property and other complexes have rules that unit owners are required to maintain their exclusive-use property; like the backyard of a condo townhouse.
Every condominium complex operates differently. This is why it is important to review all condominium documentation prior to purchasing any condominium. That way you have a good understanding for what you own, your rights on exclusive-use property and what is required of you as a unit owner.
If you have any additional questions regarding owned and exclusive use in a condominium, please do not hesitate to get in touch.
Read more about the condominiums:
10 Things to Check Before Buying a Condo
Don't Fear the Condo Fee
Downsizing 101
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