COMMON CONDO DEFINITIONS
CONDOMINIUM
A type of real estate divided into several units that are each separately owned, surrounded by common areas that are jointly owned, such as pools, lobbies, or fitness facilities. These common areas are referred to as “common elements”. Owners hold title to a specific unit, as well as owing a part of the shared common area.
CONDOMINIUM OWNERSHIP
A form of ownership whereby you own your unit and have an interest in common elements such as a lobby, elevators, halls, parking garage and building exterior. The condominium association is responsible for maintenance of building and common elements, and collects a monthly condo fee from each owner, based on their proportionate share of the building. Condos often have guidelines regarding noise, use of common areas and allowable renovations within the units themselves.
CONDOMINIUM CORPORATION
It is the corporation created or continued under the Condominium Act, 1998. The condominium corporation manages the common elements warranty and is registered through the Land Registry office of the local municipality.
CONDOMINIUM BOARD OF DIRECTORS
A group generally made up of unit owners, that has been elected to manage the business affairs of the condominium corporation, including policies, finances, maintenance, and repairs.
COMMON ELEMENTS
Shared facilities in the condominium project that every condo owner has access to – for example, recreational facilities, lobby, elevators, and parking garage.
FIRM OCCUPANCY DATE
An occupancy date for a condominium unit that cannot be extended by the builder.
ESTOPPEL CERTIFICATE
An estoppel certificate is an important document issued by the condominium corporation intended to give potential purchaser of a condominium unit information so that they can make an educated decision about their purchase.
Therefore, all estoppel certificates will provide the same information in the same form.
CERTIFICATE OF COMPLETION AND POSSESSION (CCP)
A document provided to you by your builder that includes your home’s enrollment number with TARION, and the Date of Possession, which indicates the start date of your new home warranty.