A legal regime of ownership (colloquially designated condo) which allows many owners to own jointly one same immovable. Each of the co-owners owns therein a fraction which includes a private portion, of which he is the owner and has the exclusive use, along with a share of the common portions. These common portions are owned by all the co-owners. Divided co-ownership may apply to any type of immovable (for example: residential, commercial or industrial).
In co-ownership, the rights of withdrawal and of preemption may disrupt the course of a real estate transaction. In my practice, I had to intervene a number of times before proceeding with a sale, often to the astonishment (and sometimes displeasure!) of the parties, to safeguard their rights.
From the first day of existence of the co-ownership, that is to say when its declaration of co-ownership is published in the Land Register of Quebec, the co-owners as one body constitute a “syndicate of co-owners”. This legal person must ensure the "preservation of the immovable and manage the common portions." To form this co-ownership several steps involving many protagonists are necessary.
An immovable whose dwellings are all occupied by undivided owners, can be converted into divided co-ownerships, subject to certain conditions. But carrying out this conversion requires to overcome several steps involving all owners concerned.
When shopping for an apartment, you must find out if it is in a divided or undivided co-ownership. Even though both concepts are similar in that their ultimate goal is the partition of an immovable between several persons called co-owners, the financial and legal commitments are different.
We often hear the words "condo", "condo fees", "purchase and sale of a condo" and "Condolegal.com".
Question: What is the origin of the word “condo” and what does it really mean?
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