Meagen Mackenzie, Okotoks Real Estate, Okotoks REALTOR®, Okotoks Homes For Sale

           Associate Broker/REALTOR®

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Calgary & Okotoks Real Estate

Meagen Mackenzie REMAX IREALTY INNOVATIONS, Okotoks Real Estate, Okotoks REALTOR®, Homes for Sale in Okotoks

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There are two types of condominiums defined in the Condominium Property Act.

 

Conventional Condo: This is where units form part of a building or structure and are the private domains of the individual owners. Apartment style condominiums are a good example of this. Each unit’s boundaries are defined by the walls, floors and ceilings. Unit owners own the area inside these boundaries and any areas outside of these boundaries are considered common property, meaning it’s owned by all unit owners. 

 

Real Property Report’s (RPR) typically do not exist for conventional condo’s. In it’s place would be a Condominium Plan which is essentially a survey report of the entire condominium complex as opposed to only the individual unit. 

 

The unit owner of a conventional condo is individually responsible for the interior boundaries of their unit, but shares in the responsibility of the common property along with the rest of the unit owners in the complex.

 

Bare Land Condo: Where a conventional condo is defined by the walls, floor & ceiling, a Bare Land condo is defined by the size of the lot the building sits on. 

 

Lot boundaries are identified by a surveyors report such as a Real Property Report (RPR), much like freehold land. Hence, a Real Property Report is required for a Bare Land Condo.

 

The area within the marked area of the RPR including structure, landscaping & garage are owned by the unit owner. Areas outside the marked area are common property and owned by all unit owners much like the conventional condo. A duplex and single family home are good examples of this because the unit is not restricted to just the building. Bare Land Condo’s are not just for attached properties (townhomes or duplexes). Single family houses can be considered Bare Land Condominiums.

 

ABOUT THE AUTHOR: Meagen Mackenzie is a REALTOR® and Accredited Staging Professional with RE/MAX iREALTY INNOVATIONS in Calgary, Alberta.


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