What is a Bare Land Condominium?
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.
Real Estate Agent Explains Bareland Condominiums
Conventional condos are condos where the outside of the building and structure is often considered ‘common property’. That means that you don’t individually own the outside of your unit. But a bareland condo is different – it is common for you to own the entire structure. So this type of condo is much more like owning a detached house or a duplex. You do share some costs with your neighbours in the complex, but you own more of your home in the case of a bareland condo. Because of this legal structure, bare land condos require real property reports when they are sold. Bareland condos are more common as townhouses, duplexes, triplexes and detached homes. It is harder to make an apartment building a bareland condo because it wouldn’t be as clear as to who was responsible for what part of the structure or exterior.
Here is a bareland condominium in Rutherford, Edmonton. You can’t tell a by looking at it. This is a legal designation.
Survey plans are the best way to find out what type a condo is:
Why Does It Matter?
Buying a conventional condominium or a bareland condominium will affect your condo fees and your responsibilities. Often bareland condos have lower condo fees, but higher responsibility for the owners. This changes how you live in your condo and what you’ll have to do yourself, as opposed to what will be done for you.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com
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