Condo management fee in Toronto
Condominium is a foreign definition that originates from England (from Latin con and dominium). In the modern world, many people believe that a condominium is in some way a cooperative, and some mistakenly say that it is a communal apartment. But let's not jump to conclusions and figure out in order what it is.
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What is a condominium?
Let's answer this question. The definition of a condominium is a special form of real estate ownership, mainly it concerns residential premises. Each tenant of the house is the rightful owner of his housing (apartment), and staircases, front, technical rooms, and so on, are joint property. And also such an association is widespread in the USA, Canada, Great Britain and other countries.
A condominium may include not only one residential building, but even several. Regular meetings of tenants are held, at which problems related to maintenance, maintenance in proper form and care of joint property are solved.
There are certain advantages and disadvantages of a condominium. Let's look at the positives:
Residents of houses can always know exactly how much money has been spent on repairs or other needs,
Abroad, residents invest their money in a condominium in order to receive a certain income in the future,
The condo increases the level of responsibility not only for the condition of its apartment, but also for the common rooms in the house,
At the general meetings of tenants, a decision may be made to dispose of the common property of tenants so that it brings direct income to the condominium,
If there are debts from one of the members of the condominium for utilities, a decision can be made taking into account the current situation,
The level of payments for the maintenance of common property, the members of the condo set independently at meetings,
The protection of their rights in judicial structures is greatly facilitated within the boundaries of the condo.