When you are buying a condo, you will own the unit, along with a percentage of common property elements allocated to it. The boundaries of the unit and the percentage of common elements may vary from condo to condo, depending on how they are specified in the complex’s governing documents.
Sometimes, the boundary is behind the interior drywall of the condo’s dividing walls. Or the boundary could be at the center of the unit’s walls. At the time of buying a condo, the boundaries of your unit are a very important consideration, especially if renovations and alterations are part of your purchase plan.
Ownership will typically include any systems, equipment, finishes, etc. in the individual unit. You may have the right to use storage areas and more than one parking spot. Although you may have exclusive access to a storage area or a parking spot, seldom do you actually own these spaces. Before buying a condo, you may want to have a professional surveyor review the complex’s site plan to establish exactly where your property boundaries are.
There may also be specific parts of the complex known as ‘exclusive use common property elements’. These are outside the condos’ boundaries but can be used exclusively by owners of condominiums. Common examples of exclusive use common property elements are front or back lawn areas, driveways, storage lockers, parking spaces and balconies. Before buying a condo, it’s important that you are aware of any of these elements.
Contact Ian Hawkins & Cindy Ryerse if you’d like to view condominiums or houses in the Blue Mountains, Wasaga Beach, Collingwood, and Georgian Triangle areas of Ontario.