Types of Condominum Properties
Strata
Strata units are the most flexible and popular types of condos in the West Side because of the separate land title given to each apartment unit and therefore ownership is transferred on an individual, per-unit basis. but other suite owners have no control over the type of purchasers that may buy into their building. One disadvantage is that suite owners have no control over who purchases in a building, which is different from a Co-Op (as defined below), where purchasers must first be approved by the other owners in the building.
Co-Op
This term is used to describe personally-owned apartments which pre-dates the Condominium Act. The proper name for this type of apartment building is ‘Apartment Corporation.’ The land and the building belong to a private corporation and apartment owners are given shares to this corporation. Co-op owners then, share ownership of the land and the building much like strata units but without the separate land titles to each unit.
A Co-Op should not be confused with Governement subsidized housing as it relates to owning a home.
Leasehold
Leaseholds appear very similar to a Co-Op in that the right to lease can be sold or purchased in the same way that shares to the corporation owning a Co-Op can be sold or purchased. Where it differs is a Leasehold property lacks of any title to the land.
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