What Are Condominiums?

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Generally speaking, we are trying to answer all of your questions in our posts. One of the common questions for new buyers is What Are Condominiums? That is why we would like to answer this question in this post.

The word “condominium” refers to a specific kind of legal ownership, and can include:

  • high-rise or low-rise apartment-style buildings,
  • townhouses,
  • lofts, and
  • detached or semi-detached houses.

Each owner of a condominium unit owns legal title to his or her own unit, and all owners together own, and share the expenses of, maintaining a number of facilities in the building called “common elements.” Common elements usually include things such as gardens, parking areas, hallways, elevators, and recreational facilities.

Common elements and monthly condominium fees

In most condominium corporations, each owner is responsible for the maintenance and repair of his or her own unit and the corporation is responsible for the maintenance and repair of the common elements. To pay for the general maintenance and upkeep of the common element facilities, condominium residents pay monthly common expenses. The amount of each resident’s common expenses will usually depend on the size of the unit, and the types of facilities offered by the condo.

In addition, Real Estate is our job. If you need our help to sell, buy, or rent a property, please reply!

Additionally, our team is here to help our clients step by step during their deals. Also, there are many pre-construction projects that may fit your budget!

BABAK MEHRABI,

Real Estate Salesperson

https://www.reco.on.ca/

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3 thoughts on “What Are Condominiums?”

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    1. admin says:

      Thank you for your comment! We are doing our best to explain everything about Real Estate on our website. We are trying to be up to date and announce every new project.

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