Exclusive Possession Areas in Condos
There are three key things to know before buying any condominium unit:
- What property owners will have complete ownership of
- What is part of common property
- And what areas are exclusive possession
The last point is especially important as exclusive possession areas are common property or a part of the condo corporation’s property that is available to owners. These kinds of areas are usually spaces like parking spots, storage units, and balconies. Regardless, the condominium plan will have these parts outlined.
These exclusive possessions are also outlined in the bylaws, leases, licenses, or other instruments. In these documents, it will also outline whether owners are required to maintain and repair those areas too or whether these will be looked after by the condo corporation itself.
In the event the owner is responsible to maintain these areas, it’s advisable to do so. While a condo corporation can carry out the necessary maintenance and repairs, if it’s stipulated the owner is required to maintain and repair this area, this is grounds for the condo corporation to take legal action to recover costs of said maintenance or repairs.
Prince Property - Condo Management services!
Prince Property provides management functions for Condominiums in Edmonton Alberta, and the surrounding areas. If your Condominium operation needs a Management Company – we’d love to talk to you.