Today I will briefly discuss types of property ownership.
Also known as "fee simple" this is the form we most commonly know
as "ownership" of a home.
The owner of this type of ownership has full control over the land and the buildingson the land subject to any bylaws or restrictions at the time of purchase.
- Strata Title
This form of ownership provides exclusive use and control of a particular housingunit (strata unit), in addition to shared use and ownership of the common areassuch as hallways, courtyards, etc.
Financial responsibility of the common property is shared between all owners.
Homes that offer this type of ownership include: apartment buildings, duplexes,townhouses, warehouses, etc.
In some cases, the right to use a residential property is purchased for a long butlimited period of time. This is called leasehold interest.
Leasehold interests are usually set out for a term of 99 years. But regardless ofthe original term, buyers can only purchase what is remaining of the term of thelease.
Apartments built on city-owned land and some properties on First NationsReserves, some single detached homes on farmland as well as apartments wherethe freehold owner of an entire apartment block sells leasehold interests toindividual apartment owners.
When owners own shares in a company which in turn owns a property, this type ofownership is a "cooperative".
Most properties with this form of ownership have age restrictions, rentalrestrictions, pet restrictions and so forth.
When purchasing a property, make sure your real estate agent explains the form of the ownership and what it means to you.