Category:
Suite-Specifics
Save this article >
Condos, Co-ops and Co-Ownership – Three choices for condo living
Author:
Toronto Condo News
Publication date:
July 25, 2019
Article Summary:
This article discusses the three options for individuals who desire to purchase a home and experience “condo living.” The City of Toronto prohibits conversion of apartment buildings to condominiums; however, co-ownership is a form of high-rise home ownership where condos are not allowed. The three options for individuals are purchasing a condo, a co-op, or co-ownership. Each option provides unique advantages. The most popular option is purchasing a condo, where you own your unit and receive a deed while sharing an interest in common elements with all condo corporation members. Choosing to purchase into a co-op means you own shares in a private company that owns the building and are provided with exclusive rights to occupy a specific unit. Co-ownership means owning a percentage of the building and receiving exclusive rights to a unit. All forms of “condo living” have a governing body, building management, common expenses and maintenance fees, and the right to sell, lease, or mortgage units without the consent of other residents or owners.
Keywords:
condos, co-ops, co-ownership, affordable rental units, condo corporation, governing body, building management, maintenance fees.
Source Citation:
Toronto Condo News
Condos, Co-ops and Co-Ownership – Three choices for condo living
July 25, 2019
Did you find this article useful?
Your feedback is important not only to us, but to all the other key players in the condo industry. Help us by letting us know if this article is relevant and useful. This will help us prioritize articles that provide helpful guidance to other key players like you.
Please login to use this feature.