Condo Shopping: Jargon you should know!

Condo Shopping: Jargon you should know!

Dec 4, 2018, 10:28:04 PM News

Luxury condos Toronto shopping is cool and you are right to be excited about it. But the fact is that the condo market is rife with various kinds of condos and knowing the difference between these types will help you get the best possible deal. You need to find out as much about Toronto Condos types as possible and you will not have any problems at all. These are the various types of condos available in the market and how you should

Leasehold Condominiums:

When the land on which the condo is built is on the lease, then the condo is known as a leasehold condo. The developer does not own the land and he is given the permission to build a condo there by someone else. The condo owners are paying rent to the landowner for every month. The residents are usually charged for the lease costs by the condo owner. As the renters are paying for the land’s rent, it is safe to say that the rents will be comparatively higher.

Freehold Condominiums:

Any condo that is not on the lease will be seen as a freehold condo. So all the other condo types come into a freehold main condo type. Here are the four types of freehold condos that are available.

Standard Condos:

A regular Luxury condos Toronto construction that has usual condo units, an interior drywall, and exterior wall will be known as a standard condo. These are found in usually every project and are basically apartments that are built with wide and open spaces in the apartments.

Phase Condo:

When a condo is not built in one schedule but is broken into various steps and stages, the condos are known as phase condos. The main idea is that Toronto Condos are completed in various stages so, four condos are complete and ready for residents to move in while the rest of the project is still under construction. This will allow the owner to give the condo for rent up without having to wait for the construction to finish.

Vacant Land Condos:

When a land is registered as a condo establishment but the land is used for another purpose, the land will be called vacant land condo. The condo is not built on the land in question.

Common Elements Condos: This is a Canadian type of leasing that places lands in Parcel of Tied Land (POTL) because the land is tied in the land.

Why should you know this?

You should know these details because they will help you understand the condos that you are planning to rent or own. There is a mechanism for understanding the way your condo contract will work. Here are a few basic terminologies regarding condos that we will discuss;

Common Elements:

Common elements: These are the common areas in a condo where you are free to move around without special requirements. These areas generally include corridors, lobbies, garbage rooms, garages, technical rooms, the roof, grounds, walkways and similar places in the condo development.

Common elements are those parts of a condo complex that belongs to all owners. With a few exceptions, they constitute everything except the units in which people live. Corridors, garbage rooms, lobbies, locker areas, garages, technical rooms, the roof, grounds, walkways are all common elements.

Exclusive-Use Common Elements: Exclusive- use common elements are areas where only a few condos share the common spaces provided by the condo developers. These areas include balconies, patios, terraces, and both backyards and front yards.

These areas are also provided in some condos as common areas that are accessible to all. These are not hard and fast restrictions for Luxury condos Toronto that are universally applied. They are applied on a case by case bases.

We hope that these tips and basic details help you see the Toronto Condos in a better light and help you decide the best condos for yourself.

Published by Joe Pirest

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