CondoBI Canada Corporation
A condominium is a form of ownership of communal property. That is, each tenant, except for his apartment, which is in his full ownership, together with others living in an apartment building, owns the rest of the territory: the facade, entrances, staircases, elevators, roofs, attics, technical floors, basements, in-house engineering systems, land under the building. That is, a condominium is a legal assignment to the owners of apartments of the right of shared ownership of common property. It is impossible to create a condominium in one entrance, only in a whole residential building. One condominium is also created in a residential complex if several houses are located on the same plot of land, have a common foundation or a common infrastructure.
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Why do I need a condominium?
A condominium makes it possible to participate in housing modernization programs if repairs are required right now, and there is little money in the savings account at home in the bank. So, the state allocates money for the repair of the roof, facade, entrance, basement with utility networks or for the replacement of elevator equipment, and residents return the funds spent for several years at two percent, for example.
If a house falls under demolition, property owners usually receive as compensation only the cost of the apartment at state rates. But if the house is registered as a condominium object, then residents can receive from the developer the market value not only for the total area of their apartments, but also for their share in the common property.
Apartment owners are required to pay monthly fees for the management and maintenance of the common property of the condominium object, its maintenance, fire safety, and pay for utilities consumed for the maintenance of the common property (not to be confused with utilities in their apartment!). In addition, according to the law, the owner of the apartment, in order to accumulate money for the overhaul of the common property of the condominium object, is obliged to transfer money to the savings account monthly in the amount of at least 0.005 times the monthly calculation index per square meter of the usable area of the apartment.
