Buying a Condo or Home in Edmonton for the First Time
If you are thinking of buying a home for the first time in Edmonton, whether its a condo or single family detached home, I recommend taking advantage of our Online Seminar for First Time Home Buyers which will put on by my partner Sheldon Johnston who is also the Broker of Coldwell Banker Johnston Real Estate.
Often people who are thinking of buying for the first time email us with many questions which are similar to one another so this is good opportunity to have your questions answered by an experienced Edmonton REALTOR® and to learn from other home buyers questions as well.
The seminar will cover aspects of buying a home which are common to both detached homes and condominiums. There are also unique challenges buyers can face when purchasing a condo that don’t apply to detached homes. For example each condo complex is different in how they are managed and their current state. If you have specific questions about certain condos in Edmonton you can also ask me.
What is a Condominium?
What is a Condominium?
Simply put: A condominium is a type of real property ownership where the owner holds a private ownership in his or her specific unit, and shares ownership with the other unit holders in all the common areas of the property.
Although “condominium” technically refers to this type of property ownership, it has become common over the years for people to use the terms “condominium” or “condo” to refer to a condominium complex as a whole, or an individual unit in a complex.
Condominium Ownership
The most complete and highest form of private ownership of real property in Alberta is fee simple ownership. Fee simple ownership is based on the English common law system, and therefor this type of ownership is found in every jurisdiction in Canada, the UK, and the United States except for Quebec.
Fee simple ownership gives the property title holder a bundle of rights which include the right to possess, control, use, lease, sell, give away, or the right not to carry out any of these things in relation to the property. This bundle of rights is no less complete for condominium ownership than it is for non-condominiums (such as single-family homes in most cases), but certain rights may be limited and regulated by the condominium bylaws; which can vary greatly from one condo complex to another. For the purpose of mortgage, tax, sale, or inheritance, each unit owners fee simple ownership is separate from all others.
Intro to Common Areas
Every condominium consists of the private dwellings (called units), and the common areas of the building or property. Each dwelling unit is owned by, and registered in the name of, the owner of the unit, while the ownership and responsibility of the common areas are shared amongst all the unit owners. In future posts I’ll discuss in more detail what buyers and owners should know about common areas, and how to play an active role in the management of your condominium.
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