What is a condominium regime?

A typical condominium regime vests ownership of a “unit” in the owner, and the places ownership of the common elements in a unit owners association. Unit ownership may also include “exclusive use” areas within the common elements, made up of portions of the structure or the land which comprise the common elements.

What is regime property?

Property regimes are arrangements that define rules, distribute rights, and delineate roles with respect to particular goods. These arrangements are enabled by elements such as legal frameworks, jurisdictions, type of information, and technologies of access.

What type of property is a condo?

A condominium, called “condo” for short, is a privately-owned individual unit within a community of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators and outside hallways and gyms, to name a few.

Is a condominium unit considered real property?

A condominium is a title to a unit of real property which is ownership in the airspace which an apartment, office or store occupies. In a way, an association is merely a conduit for the homeowners to pay for the various expenses of operating the property. …

What is a condominium property regime (CPR)?

The Condominium Property Regime (CPR) was known as the Horizontal Property Regime (HPR) in the early 1960s. Condominiums projects were high-rise buildings or town houses or apartment buildings that were converted to condos and sold to individual buyers.

Is condominium unit considered real property?

A condominium is a title to a unit of real property which is ownership in the airspace which an apartment, office or store occupies. The owner of the condominium also owns a common tenancy with owners of other units in the common area, which includes all the driveways, parking, elevators, outside hallways, recreation and landscaped areas, which are managed by a homeowners’ or tenant’s association.

What is a Condo Property Regime?

Condominium Property Regime (“CPR”) refers to the specific form of ownership and governing process created when real property becomes a condominium. The process of creating a condominium is often referred to as “CPRing” property.

Is a condo considered commercial property?

Office Condos are considered commercial properties as they are intended for businesses. The most common businesses who rents Office Condos are Law Offices, Ad Agencies, Talent and Modelling Agencies, Accounting Offices and many more! The condominium building is in itself intended for businesses and not as residential units.

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