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The term condominium refers to a specific legal form of owing real estate, not to a physical style of building or particular use of a building.
Condominiums are of many types. Those that exist in Ontario include residential highrises, residential lowrises, residential townhouses, residential bungalows, and semidetached huses, commercial highrises, and commercial and industrial lowrises. Mixed-use condominiums--those in which some units are for retail or commercial use and others are residential--are common in large metropolitan areas where land is at a premium.
However, four new types of condominium corporations are introduced in the Condominium Act, 1998. They are--1. Common Elements Condominium Corporations in which the property of the corporation is restricted to common elements; there are no units. 2. Phased Condominium Corporations in which subsequent phases of development may be folded into the existing condominium by way of an amendment to the declaration and deion. 3. Vacant Land Condominium Corporations containing common elements which may or may not be built initially and units which consist of vacant lots. 4. Leasehold Condominium Corporations which provide for the establishment of common elements and units on land leased by the condominium corporation for betwen 40 and 99 years, providing purchasers with ownership of leasehold condominium units.
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(责任编辑：现代物业) |
