Understanding Co-Ownerships A co-ownership is a form of home ownership in which several unit owners come together as registered co-owners of an undivided percentage of the whole property. Each co-owner has shared rights of the common elements of the property and the exclusive right to occupy a particular unit or suite.
Unlike a condominium, where a buyer obtains ownership to a unit by way of a deed registered on title, in a co-ownership, a buyer acquires an undivided percentage ownership in the property by way of a deed registered on title but does not own his or her unit. The buyer has exclusive occupancy rights to a specific unit as outlined in the provisions of the Co-ownership agreement.
A co-ownership is also different from a co-op or co-operative. Residents in co-ops own shares in the Co-operative Corporation giving them exclusive use of their suite.
Also, unlike a condo, a mortgage cannot be obtained on a co-ownership unit however it may be possible for a buyer to obtain financing offered through specific lenders with a minimum down payment of 35%-40%.
Like condos, the buyer or co-owner of unit is assessed their share of the common expenses paid as a monthly maintenance fee which will also includes the taxes. Co-ownerships are also governed by a Board of Directors whose members consist of co-owners but co-ownerships do not fall under the Condominium Act as they have their own by-laws, rules and articles of incorporation.
The main advantage of co-ownerships is they are often more affordable than comparable condominium units located in the same neighbourhood.
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purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 10/22/2019 11:13:33 AM