Types of Condominiums: Part 3 – Phased Condominiums

Explains phased condominiums, which are a type of condominium authorized by the Condominium Act, 1998. Phased condominiums are created through amendments to the declaration and description plans, with each new registration constituting a phase as new units are constructed and added. This approach allows builders to sell units in one phase and use the proceeds to finance the construction of subsequent phases. The article mentions that while the Act currently only allows standard condominiums to be phased, there are a few notable differences in the relationship between the declarant and the condominium or unit owners. These include additional disclosure requirements for phases, the need for condominium notice and review of proposed amendments for phase registrations, turnover of additional documents specific to each phase, responsibility for first-year budget deficits, and the need for updates to existing records for each phase. The article concludes by mentioning that upcoming posts in the series will cover common elements and vacant land condominiums.