Author: Ava Cui

Types of Condos

There are two types of ownership of condos: Freehold and Leasehold, with Freehold accounting for a significant majority. Freehold condos can be divided into four types: Standard Condos, Common Element Condos, Phased Condos, and Vacant Land Condos. Standard condos have common elements and individual units, with owners responsible for their units and the condo responsible for common element repairs and maintenance. Common Element condos only consist of common elements, and owners acquire a parcel of tied land instead of purchasing a unit. Phased condos are developed in multiple phases, and once all phases are registered, they become standard condos. Vacant Land condos are registered before construction is completed, allowing buyers to customize their lot/unit.

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