Condominium - ANSWER A form of property ownership that includes both the
individual ownership of the unit and shared ownership of common property with others.
Condominium corporation - ANSWER A legal entity consisting of all unit owners within
a condominium.
Unit - ANSWER i) in the case of a building, space that is situated within a building and
described as a unit in the condominium plan by reference to floors, walls and ceilings within
the building
ii) In the case other than a building, land that is situated within a parcel and described as a
unit in a condominium plan by reference to boundaries governed by monuments placed
pursuant to the provisions of the surveys act respecting subdivision Surveys
Common Property - ANSWER so much of the parcel as is not comprised in a unit
shown in a condominium plan, but does not include land shown on the condominium plan
that has been provided for the purpose of roads, public utilities and reserve land under part
17 of the Municipal Government Act. ( everything other than roads, public use areas, units)
Examples: lobby, garbage room, gym, hallways and stairwells
Other real estate arrangements that may be confused for condominiums. -
ANSWER Homeowners Association (HOA)
Housing Cooperatives
1
, Timeshares
Fractional ownership
Homeowners Association (HOA) - ANSWER An association with mandatory
membership based on residence in a specific area or community an HOA is created at the
start of a real estate development to fund maintenance of features or amenities that will not
be funded or maintained by the municipality (an area sign, entrance gate, pond, landscaped
area, central fountain) HOA's are typically formed under the companies act.
Housing Cooperatives - ANSWER A Non-profit legal entity in Alberta. Members elect a
board of directors to manage the cooperative. The cooperative owns the structure as well as
the land on which it is built
Timeshares - ANSWER Involves the purchase or lease of a property in which multiple
parties hold similar rights regarding the use of the property, each party is allotted a time
period in which to exclusively use the property. These properties are typically located in
resort areas and are used as recreation properties. There are two types of timeshare
ownership, fee-simple ownership or right-to-use ownership.
Fractional ownership - ANSWER more than one individual possesses fee-simple
ownership of a property. An individual's share of the property typically varies from 1/4 to
1/13, depending on the total number of owners. Provides owners with a certain number of
weeks per year to use the property and any associated amenities.
Conventional Condominium - ANSWER Located within a building.
Units form part of a building or structure.
Each unit is the property of an individual owner. Identified by referring to floors, walls, and
ceilings.
Unit owners own (and are responsible for) the area inside these boundaries
2
individual ownership of the unit and shared ownership of common property with others.
Condominium corporation - ANSWER A legal entity consisting of all unit owners within
a condominium.
Unit - ANSWER i) in the case of a building, space that is situated within a building and
described as a unit in the condominium plan by reference to floors, walls and ceilings within
the building
ii) In the case other than a building, land that is situated within a parcel and described as a
unit in a condominium plan by reference to boundaries governed by monuments placed
pursuant to the provisions of the surveys act respecting subdivision Surveys
Common Property - ANSWER so much of the parcel as is not comprised in a unit
shown in a condominium plan, but does not include land shown on the condominium plan
that has been provided for the purpose of roads, public utilities and reserve land under part
17 of the Municipal Government Act. ( everything other than roads, public use areas, units)
Examples: lobby, garbage room, gym, hallways and stairwells
Other real estate arrangements that may be confused for condominiums. -
ANSWER Homeowners Association (HOA)
Housing Cooperatives
1
, Timeshares
Fractional ownership
Homeowners Association (HOA) - ANSWER An association with mandatory
membership based on residence in a specific area or community an HOA is created at the
start of a real estate development to fund maintenance of features or amenities that will not
be funded or maintained by the municipality (an area sign, entrance gate, pond, landscaped
area, central fountain) HOA's are typically formed under the companies act.
Housing Cooperatives - ANSWER A Non-profit legal entity in Alberta. Members elect a
board of directors to manage the cooperative. The cooperative owns the structure as well as
the land on which it is built
Timeshares - ANSWER Involves the purchase or lease of a property in which multiple
parties hold similar rights regarding the use of the property, each party is allotted a time
period in which to exclusively use the property. These properties are typically located in
resort areas and are used as recreation properties. There are two types of timeshare
ownership, fee-simple ownership or right-to-use ownership.
Fractional ownership - ANSWER more than one individual possesses fee-simple
ownership of a property. An individual's share of the property typically varies from 1/4 to
1/13, depending on the total number of owners. Provides owners with a certain number of
weeks per year to use the property and any associated amenities.
Conventional Condominium - ANSWER Located within a building.
Units form part of a building or structure.
Each unit is the property of an individual owner. Identified by referring to floors, walls, and
ceilings.
Unit owners own (and are responsible for) the area inside these boundaries
2
