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What Do You Own

When buying a Kingston condominium, a person would own the unit, along with a percentage of the common property elements allocated to the unit. The percentage of the common elements and the boundaries of each unit that is owned may vary between condominiums. This depends on how they are specified in the condominium's governing documents. There are times where the unit boundary can be at the backside of the interior drywall of the unit's dividing walls or could be the center line of the unit's wall. At the time of purchase, it is important to consider the boundaries of your condominium, especially if there are alterations and renovations as a potential part of the purchase. Equipment, systems, finishes and other things that are contained only in an individual unit are included. The right to use one or more parking spot and storage areas may be included even though a person seldom owns that space.

Components of building systems that serve more than one unit, such as structural elements and mechanical and electrical services, are often considered part of the common property elements, particularly when they are located outside of the unit boundaries specified in the condominium's governing documents.

There may be some parts of the condominium complex that are called “exclusive use common property elements.” They are outside the unit boundaries, but are for the exclusive use of the owner of a particular unit. Balconies, parking spaces, storage lockers, driveways and front or rear lawn areas are common examples of exclusive use common property elements. It is important to be aware of any exclusive use common property elements before you make an offer to purchase a condominium. While these spaces are exclusive to your use, there may be restrictions on how and when you use them. For instance, you many not be able to park a boat, RV or commercial vehicle in your assigned parking spot. There may also be restrictions on what you can place on your balcony.

Article Source: www.kingstonliving.ca

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