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,
- 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.
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