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Difference between revisions of "Owning a Condominium"
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→Strata lot owners own common property together
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====Strata lot owners own common property together==== | ====Strata lot owners own common property together==== | ||
Strata lot owners automatically own a proportionate interest in the common property, together with the other strata lot owners in the development. Under the '[http://canlii.ca/t/84jr Strata Property Act]'', strata lot owners own the common property in a type of co-ownership called '''tenancy-in-common'''. Each owner’s proportionate interest in the common property is set out in a '''schedule of unit entitlement''' that is filed with the strata plan in the Land Title Office. | Strata lot owners automatically own a proportionate interest in the common property, together with the other strata lot owners in the development. Under the ''[http://canlii.ca/t/84jr Strata Property Act]'', strata lot owners own the common property in a type of co-ownership called '''tenancy-in-common'''. Each owner’s proportionate interest in the common property is set out in a '''schedule of unit entitlement''' that is filed with the strata plan in the Land Title Office. | ||
The strata corporation may make '''bylaws''' and '''rules''' to govern the use, safety and condition of the common property. Every owner can use the common property. They have to follow the bylaws and rules setting out how they can use it. | The strata corporation may make '''bylaws''' and '''rules''' to govern the use, safety and condition of the common property. Every owner can use the common property. They have to follow the bylaws and rules setting out how they can use it. | ||
