Oyster Property Search
What is a condominium?
Condominiums have become a more popular way of living in Newfoundland and Labrador in recent years. Developers have recognized this and thus, there has been tremendous growth in the number of people purchasing condominiums, particularly in the St. John´s area. Both the purchaser and the developer/vendor must be aware legal implications of the new area of ‘condominium law´ which has emerged in response.
Ownership in a condominium unit is governed by the Condominium Act. Ownership of a condominium is considered to be ownership in real property, similar to ownership in land or a house. The owner has a fee simple in a particular unit. This means that the owner of the condominium may do what he or she pleases with the property in an almost unrestricted manner, as one would do with a house or piece of land. They may sell the unit, pass it on to their heirs, etc. The owner also has an undivided interest in the common areas of the particular building or condominium development. This means that he or she must share those areas with all the other condominium owners.
If you choose to purchase a condominium unit, ownership of that unit will not pass to you unless and until the deed of conveyance is registered with the Registry of Deeds at the Confederation Building. If there is more than one purchaser involved, they will own the unit as tenants in common. This means that each of the owners has their own individual interest in the condominium unit which he or she may convey to someone else if they choose - it is a dividable interest.
The legal issues surrounding the purchase and sale of condominiums can be complicated. Ownership in a condominium accords many rights and responsibilities that do not exist when purchasing a house. For example, condominium corporations have by-laws which may regulate or restrict your use and enjoyment of your unit. Condominium owners are also expected to contribute to maintenance fees and services. If you are interested in purchasing a condominium unit or currently own one and are unsure about your interest in the unit you are urged to speak to a lawyer to obtain legal advice.
Courtesy of Public legal information association of Newfoundland