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Bare Land Condos
A recent buyer of a bare land condo called me a few months after possession and said in an upset sort of way, "They don't do anything".
When I asked who "they" was, it turns out they meant the condominium corporation. They thought that because the property was a condominium, the corporation would take care of everything outside of their half duplex. When the walks weren't shoveled after a big snowfall, they were pretty upset!
They didn't understand how bare land condos work. Here's a quick summary.
A bare land condominium is a type of condominium ownership where only the land is included in the condominium corporation, not the buildings or other structures on it. This differs from conventional condominiums, which may include shared responsibility for elements like roofs, doors, or amenities.
In bare land condominiums, individual owners are responsible for the maintenance and expenses of the improvements on their lots, such as houses or garages. The condominium corporation's responsibilities are typically limited to common areas like roads, sidewalks, or green spaces. Less responsibility usually means lower condo fees.
Despite these differences, bare land condominiums are still condos and governed by the Condominium Property Act. Like other condos, bare land condos need bylaws, financial records, and other documentation.
When purchasing a bare land condominium, it's essential for buyers to thoroughly obtain and review the full set of condominium documents, just as they would for a traditional condo.
There is a lot more to learn about bare land condos as well as condominiums in general. Click here for the Alberta Government’s Condominium Information page, it’s an excellent resource where both you and your clients can get more detail.
Protect yourself.
Cheers,
Barry
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