Before you buy a condominium unit, it is important to know:
- what property you will have complete ownership and control over,
- what is common property, and
- what areas are exclusive possession.
In a condominium building, exclusive possession or use areas are often parking stalls, storage units, and balconies. The condominium plan will outline what parts of the development are exclusive possession areas. If you have exclusive possession, you are the only one who has the right to use the space.
Since exclusive use areas are common property, the condominium corporation and owner will enter into a lease agreement granting the owner exclusive use of such an area. The lease agreement may also require the owner to maintain and look after the area. It is important to know what your responsibilities will be with regard to maintaining exclusive use areas.
Last updated: May 2016