30 Elm Avenue Suite 208 Just Listed For Sale SOLD Rosedale Court Toronto Co-ownership
Rosedale low-rise boutique building of only 38 suites. Charming 2 bedroom unit with balcony & tree-top views. Approximately 875 square feet. Large master bedroom (currently used as an office) with dressing area & built-in closet. Reasonable maintenance fees include taxes. Steps to Sherbourne Subway, Bloor Street & Branksome Hall private school for girls.
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.