Kingston Home Ownership Types
Freehold: The owner owns the house and the
grounds. Freehold homes offer the most privacy and freedom
of choice of any type of home. Homeowners are free to decorate
and renovate as they please. They are also responsible for
all the maintenance both indoors and out.
Freehold is the most common type of home ownership. A freehold
interest (also known as a fee simple) is the more precise
term for what we ordinarily refer to as “ownership”
of a property. The owner of the freehold interest has full
use and control of the land and the buildings on it, subject
to any rights of the Crown, local land-use bylaws and any
other restrictions in place at the time of purchase.
Condominium: The homeowner owns the unit
and shares in ownership of common elements. Condominiums are
usually apartment buildings, but also include townhouse developments
and developments of detached buildings on private roads.
The homeowner is responsible for the interior area of the
unit (everything from the plaster in). The condominium association
is responsible for the up-keep of the exterior of the building,
common interior elements (halls, elevators and parking garages,
for example) and the grounds. All condominium owners pay a
monthly fee to the condominium association to cover maintenance
costs and common utility fees and taxes.
Condominiums often have strict rules regarding noise, use
of common areas, and renovations to units. Condominium residents
often enjoy less privacy than residents of detached homes.
Condominiums are usually less expensive than freehold houses.
Co-operative: Co-operatives (or co-ops)
are similar to condominiums but instead of owning your unit,
you own a share in the entire building or complex. Co-op residents
pay for maintenance and repairs through monthly fees and are
subject to the rules and regulations of the co-op board.
If you decide to sell your shares and move out, the co-op
board has the right to reject your prospective buyer. In the
cooperative form of ownership, each owner owns a share in
a company or cooperative venture, which, in turn, owns a property
containing a number of housing units. Each shareholder is
assigned one particular unit in which to reside.
Leasehold: In some cases you might purchase
the right to use a residential property for a long, but limited,
period of time. The owner of this right of use has a type
of ownership called a leasehold interest. This type of ownership
is used most often for townhouses or apartments built on city-owned
land. It is also occasionally for single detached houses on
farm land, on First Nations reserves, and for apartments where
the owner of the freehold interest of an entire apartment
block sells leasehold interests in individual apartment units
to other “owners.”
Leasehold interests are frequently set for periods of 99
years, but regardless of the length of the original term,
you will only be able to purchase the remaining portion. Of
course, the shorter the remaining portion, the less you, or
the person who eventually purchases from you, will be willing
to pay for the leasehold interest
Strata: The strata form of ownership is
designed to provide exclusive use and ownership of a specific
housing unit (the strata lot) which is contained in a larger
property (the strata project), plus shared use and ownership
of the common areas such as halls, grounds, garages, elevators,
etc.
This type of ownership is used for homes, duplexes, apartment
blocks, townhouse complexes, warehouses, and many other types
of buildings. Because ownership of the common space is shared,
the owners also share financial responsibility for its maintenance
such as the commonly owned roads, disposal system, landscaping,
elevators, management, etc.
Kingston Home Ownership
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