There are many different ways you can own property. The most common are owning parcels of land, or buying a unit in a building - the condominium. There is another option, where you would purchase a "bare land condominium".
Bare Land Condominium
The ownership structure of purchasing a bare land condominium is similar to that of the traditional condominium, but refers to a parcel of land, defined by survey markers.
When you buy a unit from a bare land condo corporation you are assuming most of the same things you would be if you were buying a traditional unit. You will still pay condo fees each month. You must also adhere to the rules and regulations of your condo corporation.
Traditional vs ‘Bare land’ Condos
The difference between owning a parcel of land that is not part of a condo corporation and a unit in a bare land condo is that the condo corporation assumes responsibility for things that are "common elements". These could be things like snow clearing, or the corporation may have a community septic system instead of each unit having their own. The unit owners are usually responsible for the landscaping and maintenance of the property that falls within their unit/lot but the condo corporation may cover landscaping common areas like parks.
It is important to carefully read the exact definition of what is included in your unit to find out what is your responsibility to take care of, and what is the responsibility of the condo corporation. All of that information would be outlined in the declaration of the condo corporation.
One of the advantages of buying this kind of property, is that you get many of the benefits of owning property, possibly without the responsibility of all of the maintenance.
Contact us for advice
If you have any questions about this subject, you can call us at (902) 826-3070 or email us at email@example.com to set up a meeting with one of our lawyers at our Tantallon law firm. You can also schedule a no commitment Issue Review Consult for $100+HST where you have the opportunity to explain your situation to a lawyer and get basic advice before deciding whether or not you'd like to retain us.
By: Briana C. O’Grady J.D – Associate Lawyer
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