What does bare land condominium mean in Alberta?
February 8, 2018 by CPLEAadmin. A bare land condominium is a parcel of land that may or may not have a structure on it. The boundaries of the units (e.g. townhouse, duplex, detached home) are described by reference to survey markers.
How do you know if a condo is bare land in Alberta?
To find out if a home is either conventional or bare land, you have to look at the condo plans. These condo plans can by requested via the Land Title Office. (At the Land Title Office, you can also pull title). Also, every bare land condo comes with an RPR, a real property report.
Do you own the land in a condo?
A condominium is one of a group of housing units where the homeowners own their individual unit space, and all the dwellings share ownership of common use areas. All the land in the condominium project is owned in common by all the homeowners.
What is a conventional condominium?
Conventional Condominiums A conventional condominium is the most common form of condominium. It typically refers to a condominium unit that is located within a building. Unit boundaries are identified by referring to floors, walls, and ceilings, as opposed to markings on a plot of land.
What is a bare condo?
A bareland (or bare land) condo is a type of condominium complex in which the owners each own their individual lot (or plot of land). It is the opposite of a conventional condominium where the owners collectively own the land and individually own their unit.
What is the difference between a strata and a condominium?
Essentially, there is no difference between the terms condo and strata, unless you reside in Australia or British Columbia in Canada, where the term has encompassed townhouses within it. It is believed that the term strata was borrowed from Geology, where it meant layers.
What is the difference between freehold and bare land strata?
A freehold strata is a type of property ownership that differs from just freehold ownership. A residential freehold strata property can be a condo, townhouse, duplex, or even a single-family home in a bare land strata corporation. Often written as freehold/strata, the owner has freehold title to the strata lot.
Who owns the outside of a condo?
With regular condominiums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in the case of a freehold condominium the owner owns the land and building and the corporation owns common shared roadways and amenities.
Can I knock down walls in my condo?
Can you Remove Walls in a Condo? Many condo owners remodeling inquire if they can remove a wall in their condo. While the answer is generally ‘yes’, the unit owner must first go to the HOA board for approval.
What is a bare land unit?
What are the different types of condominiums?
There are two primary types of condos: freehold and leasehold. With freehold condos, the unit is owned by the tenant outright. Leasehold condos have tenants with contracts with their landlord instead of owning the unit.
Who owns land in strata title?
Generally, as a strata owner, you own the air space within the boundaries of your lot, while the owners’ corporation owns and controls the fabric of the building and the land under and around it. Common property is all of the areas of the land and building that aren’t included in any lot.
Is there a building on a bare land condo?
There are no buildings shown on a bare land condominium plan. Most resale condominium purchase contract will state that if the Property is a condominium unit that creates a lot (bare la nd condominium), as part of the normal closing documents, the Seller will provide the Buyer a real property report.
Do you need Real Property Report for bare La Nd condo?
Most resale condominium purchase contract will state that if the Property is a condominium unit that creates a lot (bare la nd condominium), as part of the normal closing documents, the Seller will provide the Buyer a real property report. For example, this Plan is for a certain condo-town home complex.
What do you need to transfer a Bareland condominium?
When transferring a bareland condominium, the seller must provide to the buyer the standard condominium documentation (ie. clear estoppel certificate), and also provide a Real Property Report with evidence of municipal compliance or non-conformance.
Where is the best place to build a house in Edmonton?
Just over an hour from Edmonton, 50 minutes from the growing communities of stony plain and spruce grove. The acreage has power and gas at the property line and would make a great place to build a house or to have a country get away out of the city. The acreage is covered in mature trees, just off of highway 33.