REAL 4840 Lecture Notes - Lecture 5: Legal Personality

• School: University of Guelph
• Department: Real Estate and Housing
• Course: REAL 4840
• Professor: J.Moon

Document Summary

Relatively new concept in the real estate world: ca(cid:373)e i(cid:374)to (cid:271)ei(cid:374)g i(cid:374) o(cid:374)ta(cid:396)io i(cid:374) the (cid:1011)(cid:1004)(cid:859)s, they were around in other jurisdictions before that. Common misperception (cid:862)high-rise apartment tower u(cid:374)its(cid:863: but they can take many forms; resorts, time shares, town house, commercial, industrial etc, mo(cid:396)e (cid:396)e(cid:272)e(cid:374)tl(cid:455) the p(cid:396)o(cid:448)i(cid:374)(cid:272)ial go(cid:448)e(cid:396)(cid:374)(cid:373)e(cid:374)t passed legislatio(cid:374) allo(cid:449)i(cid:374)g (cid:858)dated la(cid:374)d (cid:272)o(cid:374)do(cid:373)i(cid:374)iu(cid:373)s, common element condominium. If the house is on the lot you own; you could own a piece of a garden etc. and then a part of your monthly expense fee goes towards keeping a garden up to place. The (cid:272)it(cid:455) is a(cid:272)(cid:272)used so the(cid:455) do(cid:374)(cid:859)t ha(cid:448)e to do the (cid:858)(cid:449)o(cid:396)k(cid:859) Individual, legal entity that can sue/be sued, with shared capital; instead of owning shares, you own x # of units: by owning a unit, it entitles you to a vote as if you were a shareholder. In order to create a condominium corporation; you have to file documents: declaration.