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What is a “Condominium”?

Oftentimes a condominium is inaccurately described by many different forms and images. For example, “one can tell it’s a condominium when access to a Unit is from a shared hallway” or “that to be a condominium it must have laundry facilities with the Unit itself.”

So what is a condominium? A “condominium” in Alberta refers to a form of legal ownership as opposed to a style of construction. Therefore, the term condominium is actually applied to a specific type of property ownership rather than the style of the building. In condominium ownership, the owner owns a unit and shares ownership in the common property with the other unit owners. The common property is typically managed by a board of the condominium corporation.

I am pleased to provide a glossary of terms you are likely to come across when buying or selling a condominium (as defined by the Calgary Real Estate Board).

../View condominium terms now.

Contact Olga Beres for information and services related to buying and selling condominiums in Canmore and area.

Olga Beres
Agent, RE/MAX Alpine Realty
phone: (403) 609 1465
toll free: 888-678-0236
fax: (403) 678-6524
email: olgaberes@remax.net
web: http://www.canmoreforsale.com

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