Calgary Condos for Sale
Included below are homes for sale and real estate in Calgary Condos.
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Many people confuse condominiums with apartments. Some apartments are condos but condos come in many varied types. Think of any type of real estate imaginable, it can be a condominium. How? Because a condominium is not a style of property but a specific type of ownership. In basic terms a condo refers to shared interest or ownership of common property. When you purchase a condo you buy into a corporation. That is you own a proportion of the common property in the form of unit factors. The corporation is the legal entity that owns and manages the common property. So what is the common property? The common property can be land, a building, many buildings, a parking lot, a road, etc. When the condo corporation was established a plan was drawn up to specify the boundaries of common property. Lets take the most common example of a high rise. Your property is the space between the walls, floor, and ceiling of your unit or what is often referred to as "paint to paint". The hallways, parkade, elevator, land, parking lot, building exterior, roof, plumbing, electrical, framing, etc. are owned by the corporation.
What else should I know?
When buying a condo you must consider above all else how the corporation is managing it"s finances. Every month the corporation collects fees from the owners for the maintenance of the common property in the form of condo fees. This money is used to pay for utilities, cleaning, landscaping, snow removal, repairs, garbage collection, management fees, reserve fund allocation, etc. If managed properly the amount of the fees should remain in line with the local cost of living increases. If managed poorly owners can be charged excessive fees or cash calls may be required to keep the common property in good repair. For this reason every buyer must have a condition in the purchase contract to review all documents relating to the corporation to discover the true financial position of the corporation.