Archie Ali
  Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
   
 
archieali@rogers.com
416-816-4346
 
 
 
 
 
 
CONDOMINIUMS
 
Glossary of Condominium Terms

CONDOMINIUM DECLARATION

The constitution of the condominium that effectively creates the condominium corporation and

sets out the responsibilities of the owners and the corporation. It defines the boundaries of

maintenance and details each owner's percentage share of the overall common expenses.

CONDOMINIUM OWNERSHIP

Ownership of a condominium consists of separate ownership of a specified amount of space (the

suite) in a multiple dwelling environment plus tenancy-in-common ownership of the portions used

jointly with other owners (the common elements).

DISCLOSURE STATEMENT

A narrative description of the relevant aspects of the Condominium project. The Statement will

contain the proposed Declaration, By-laws, Rules, Management Agreement and Budget Statement.

An Agreement of Purchase and Sale is not binding on the purchaser until the copy of the Disclosure

Statement is received.

EXCLUSIVE USE ELEMENTS

Areas in a condominium that you have exclusive use of but are maintained by the Condominium

Corporation with your maintenance fees.

INTERIM OCCUPANCY

The period of time from the occupancy date to the date of title transfer.

MAINTENANCE FEES

This is a monthly charge relating to your share for the maintenance upkeep, administration and

insurance for the common element areas. This fee may or may not include additional costs such as

heat, hydro and air-conditioning depending on the individual building.  Your percentage

portion of these expenses is set out in the budget statement usually within your Disclosure

Statement.

OCCUPANCY DATE

The date established by the Developer upon which you must take occupancy of your home.

OCCUPANCY FEE

The monthly payment, payable to you, for living in your home prior to registration. This consists of

your maintenance fees, taxes and monthly interest component.

REALTY TAXES

Each suite, including parking and locker units, is separately assessed annually by the City based on

current property value.  Realty Taxes are the responsibility of each individual owner.

REGISTRATION

When the condominum's declaration and description are ultimately registered in the land titles

office, following their approval by governmental authorities.

RESERVE FUND

A fund used solely for major repairs and replacement of common elements and corporation assets.

TITLE TRANSFER / FINAL CLOSING

Refers to the date after the condominium is registered and upon which you receive title to your home.

UNIT

The exclusive portion of your property that is considered your home, as specified in the declaration.

 

 

 

CONDOMINIUM CORPORATION

A corporation without share capital, created under the Condominium Act, responsible for the

ongoing administration of the property including maintenance and operation of the common elements

and property.  Most day-to-day supervision is typically delegated to a qualified property manager.

 
 


  © ARSHAD ARCHIE ALI of Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
 
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