Knowledge of Condominium Ownership vs. Residential Free Hold
In Ottawa, approximately 25 percent of annual residential sales are condominiums. In Ottawa, 4000 to 5000 condominiums are built every year.
Two of the most common legal forms of residential ownership are free hold and condominiums. Because many of our sellers have downsized to condominium apartments or town homes, it's very important that as your agents, we have a solid knowledge of them.
The owner owns the house and the grounds.
Freehold homes offer the most privacy and freedom of choice of any type of home. Homeowners are free to decorate and renovate as they please.
The owner is also responsible for all the maintenance on the interior and the exterior of the house.
Freehold is the most common type of home ownership.
The homeowner owns the unit and shares ownership of common elements. Condos are usually apartment buildings, but also include townhouse developments and developments of detached buildings on private roads.
The homeowner is responsible for the interior area of the unit (everything from the plaster in). The condo association is responsible for the up-keep of the exterior of the building, common interior elements (halls, elevators and parking garages, for example) and the grounds.
All condo owners pay a monthly fee (known as condo fees) to the condominium association to cover maintenance costs and common utility fees and taxes.
Condos often have strict rules regarding noise, use of common areas and renovations to units. Condominium residents often enjoy less privacy than residents of detached homes.
Condos are usually less expensive than freehold houses.
Condominium Declaration, Budget, By-laws, Rules & Regs, and Status Certificate Review
Since condominiums are different from free hold Residential properties, they require special care.
We will review the status certificate and all of the attendant documents with you (so will your lawyer, but we can take as much time with you as you wish), which includes a description of the building, units, its legal declaration, condominium budget, rules and regulation (by-laws), and status.
As owners of a 51-unit condominium development in Deep River, Kerryhill Court, Kirby and Sheila Gallagher know condominiums.
Complimentary Comparative Market Analysis or Consultation
Kirby and Sheila Gallagher meet with every seller together. You get two agents for the price of one. We will come to your home with a comparative market analysis. Email or call Sheila Gallagher at 613.407.9922 to book your market analysis or consultation.
Kirby and I look forward to meeting you.