Calgary condos : Guide to Calgary condos & Calgary condo tenancy
Whenever they encounter the word "condominiums," some people automatically think of apartment units occupying a single building, an assumption that proceeds from a misunderstanding of what condos really are. Similarly, confusion arises when Calgary real estate agents use the term Calgary condos to refer to townhouses, residential villas, and unattached single-family Calgary homes. And the trend towards Calgary condo conversions only seems to further consumers' befuddlement about Calgary condos. If you are scouring the Calgary rental properties market for the right Calgary home rental, Calgary condos may be an appropriate option. But before you start looking at Calgary condos, you must first familiarize yourself with the characteristics that define Calgary condos and your privileges and obligations as a Calgary condo tenant.
Characteristics of Calgary condos
Contrary to popular belief, a condominium, which is Latin for "joint dominion" or "common ownership,' is a form of real estate ownership, not a type of real property. Calgary condos come under two parts of ownership: the ownership of the individual Calgary condo unit in a residential/non-residential multi-unit complex and joint ownership of common areas in the same complex. Thus, when you buy a Calgary condo, you acquire individual ownership of the Calgary condo unit you purchased and share ownership of common areas within the Calgary condo complex with the owners of the other Calgary condo units. Common areas in Calgary condos include space and facilities outside the individual Calgary condo unit, such as hallways, corridors, elevators, recreation rooms, laundry rooms, heating and electrical systems, driveways and landscaped areas.
Loosely applied, the term Calgary condos may also refer to the multi-unit residential/non-residential properties that fall under condominium ownership. Therefore, townhouses, apartments, residential villas, and single-family homes that follow condominium ownership may be referred to as Calgary condos. Non-residential Calgary condos may include office suites, entire floors of commercial buildings, industrial bays, and mixed-use residential/commercial buildings.
Calgary condos and condominium corporations
The responsibility for controlling, managing and administering common areas in the Calgary condo unit is granted to the condominium corporation, which consists of the owners of all the units in the Calgary condo complex. The corporation is also responsible for enforcing its by-laws, which may govern issues such as allowing children and pets to live in the Calgary condo complex, the renting of a Calgary condo unit, and the number and age of guests that a Calgary condo unit owner/tenant may be allowed to have. Owners of Calgary condo units are required to pay a monthly or yearly contribution known as a condominium fee. The condominium fees or dues are used by the condominium corporation to cover the cost of maintaining the common areas in the Calgary condo complex and meet such financial obligations as insurance premiums and reserve funds. A board of directors is elected from the owners of the Calgary condo units to carry out the condominium corporation's responsibilities on its behalf.
Privileges and obligations of a Calgary condo tenant
Although some similarities may exist, the privileges and responsibilities of a Calgary condo tenant are different from those of a Calgary condo unit owner. Tenants of Calgary condos enjoy the privilege of using common areas in the complex and not being responsible for the upkeep and maintenance of such areas. Tenants of Calgary condos have obligations both to the landlord (the owner of the Calgary condo unit being rented) and to the condominium corporation. By renting a Calgary condo unit, a tenant agrees to abide by the corporation's by-laws and to not damage the corporation's property and the common property. Although tenants of Calgary condos are subject to the corporation's by-laws, they not entitled to elect members to the corporation's board of directors, because tenants do not hold ownership interest in the Calgary condos. Tenants of Calgary condos may be evicted by the corporation if they damage the property or fail to comply with the corporation's by-laws.