They are building more condos in Montreal,...

… a phrase we hear all the time right now. Do you know what a condo is, in reality? It is only a created name for a legal term, we now use to the same extent as “Kleenex”. Here is a brief interpretation of what is a condo, and seriously, we should say and/or call it a co-property.

 

This is a brief and comprehensible description of the famous condo (co property).

The co-property is, divided and/or undivided? Which is better? That’s for you to judge.

The Divided Co-property; also known as condominium (condo) is a form of ownership. In a Divided Co-property, the co-owner has a housing unit on which he performs normal owner rights; he can arrange, decorate and make minor renovations (which we will discuss on a future post) in his housing unit, as would the owner of a single family home, without having to obtain the consent of the other co-owners. The building in which the housing units o is located, does not belong exclusively to the co-owner of the tenement (condo) unit. The building is owned; in variable proportions to all the co-owners of two to several ten’s depending on the case. In helping to better visualize this concept; it is a privatize building unit (tenement unit) located itself in another building considered the common area (the main building).

The common area is therefore the responsibility of all co-owners who are organized in a condominium syndicate. It is the board of directors of the condominium syndicate that will allow work to the structure that will have a repercussion on the building or which could affect other privative units. Divided co-ownership thus creates a property right that is not absolute, but must be exercised jointly with other co-owners.

 

Undivided ownership; is a form of ownership, which is not accompanied by a physical property division; many people are then jointly and concurrently have ownership on the same property, while each having an undivided share of the rights. An undivided ownership ends by the sharing of the building. The co-owners have then full ownership of the entire property. Undivided co-properties are often accompanied by rules to use specific areas/parts of the co-property.

We find this form of property, particularly in relationships between spouses, in succession and in holdings (trust). Only a few articles of the Civil Code of Quebec govern undivided co-owners. Therefore it is strongly recommended to consult a notary to draft an undivided co-ownership agreement in organizing the relations between undivided co-owners.[1]

 

[1] Free translation by writer of this post from the immediate French text.