30 Elm Avenue Suite 309 SOLD Rosedale Court Toronto Co-ownership
Rare three bedroom corner penthouse unit with tree-top views. Stunning, bright and elegant with fireplace in living room, cornice mouldings and dark wood flooring throughout. Bevelled mirrored entrance hall with upgraded trim work and wainscoting. Formal dining room features an antique brass chandelier and pass-through to kitchen. Recessed lighting, lazy susan cupboard, window and porcelain flooring in kitchen. Spacious master bedroom features fireplace, ensuite jacuzzi-type bathtub, sink and laundry facilities. Main bathroom has an oversized shower stall, Toto toilet and pedestal sink. Large second bedroom houses a walk-in closet and third bedroom features a bright western exposure. Includes one parking spot and separate locker. Centrally located in the heart of Rosedale just steps to Sherbourne Subway Station, Bloor Street and Branksome Hall private school for girls.
Monthly maintenance fee: $733.52 covers taxes, heat, hydro, water, common elements, building insurance and parking.
Inclusions: Fridge, stove, dishwasher, washer, dryer, three ceiling fans, two custom made Dimplex Heatolater electric fireplaces, three window air conditioning units. All closet organizers, window coverings and electric light fixtures including wall sconces in living room and chandelier in dining room.
Approximate dimensions of locker: 2'5" wide X 4' deep X 8'5" tall
30 Elm Avenue Suite 309 Floor Plan
Features of Rosedale Court 30 Elm Avenue
Low-rise building of three levels with thirty-eight suites
Building security system
Gas water heating
Laundry facilities located on lower level with new machines installed in 2011
Taxes are included in maintenance fees
Pets are permitted
Underground parking garage
Outdoor patio area at north east corner of building
Easy access to TTC with bus stop in front of building & steps to subway station
Understanding Co-Ownerships A co-ownership is a form of home ownership in which several unit owners come together as registered co-owners of an undivided percentage of the whole property. Each co-owner has shared rights of the common elements of the property and the exclusive right to occupy a particular unit or suite.
Unlike a condominium, where a buyer obtains ownership to a unit by way of a deed registered on title, in a co-ownership, a buyer acquires an undivided percentage ownership in the property by way of a deed registered on title but does not own his or her unit. The buyer has exclusive occupancy rights to a specific unit as outlined in the provisions of the Co-ownership agreement.
Also, unlike a condo, a mortgage cannot be obtained on a co-ownership unit however it may be possible for a buyer to obtain financing offered through specific lenders with a minimum down payment of 35%-40%.
Like condos, the buyer or co-owner of unit is assessed their share of the common expenses paid as a monthly maintenance fee which will also includes the taxes. Co-ownerships are also governed by a Board of Directors whose members consist of co-owners but co-ownerships do not fall under the Condominium Act as they have their own by-laws, rules and articles of incorporation.
The main advantage of co-ownerships is they are often more affordable than comparable condominium units located in the same neighbourhood.
