SuttonGroupSummit.com
Title
Real Estate Career Training Courses |Mississauga Real Estate Toronto GTA | Homes Condos Townhouses | MLS properties
Description
Buying a condominium in the GTA is a good choice for many people. It offers an affordable housing option for first-time buyers, low maintenance requirements and possible access to amenities such as a fitness facility or a pool. Condominiums are often built in densely populated, urban areas giving owners the convenience of being close to work, shopping and cultural events. However, it is also important to be aware of certain aspects of condominium living.
First, it is essential to understand that the term "condominium" actually refers to the form of legal ownership rather than the type of building. A condominium can be a high-rise or a low-rise building, a townhouse complex, or even houses. Condominiums are made up of units and common areas. Ownership of the unit is basically limited to the space within the walls. The unit boundary can be at the backside of the interior drywall of the unit's dividing walls or at the centre line of the unit's walls. The boundaries of your condominium unit are an important consideration at the time of purchase- particularly if you are planning to do renovations. You may find that there are restrictions regarding major renovations such as installing new flooring, cupboards, plumbing, recessed lighting, etc. The unit typically includes any equipment, systems, finishes, etc. that are contained in the individual unit. Ownership of common areas such as hallways, elevators, and gardens is shared amongst the unit owners, as is the cost of maintenance.
The operation of the condominium is governed by provincial legislation and the condominium corporation's own declaration, by-laws and rules. Once a condominium corporation has been registered, a Board of Directors, elected by, and generally made up of, the individual condominium owners, takes responsibility for the management of the corporation's business affairs. Each unit owner has voting rights at meetings. Your voting rights will generally be in proportion to your unit factor, according to the Canadian Mortgage and Housing Corporation.
Contact
- Sutton Group-Summit Realty Inc.
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- Mississauga ON
- Canada L5C 4G4
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- 905-897-9555
