A condominium is a type of land status or land ownership that can be residential, commercial, and industrial or combination. According to the Condominium Act an application for a condominium must be processed in the same way as a Plan of Subdivision under the Planning Act and include any necessary modifications. This act gives the Town of Midland the authority to regulate the division of land and/or buildings through a Plan of Condominium.
Condominiums are generally made up of two parts:
- Common element such as hallways or parking areas
- Exclusive use areas such as the individual unit
Types of condominiums
There are six types of condominiums:
Leasehold
- A form of ownership where the occupant owns the unit, while the condominium corporation can lease the land and a third party can retain ownership of the land.
Standard condominium
Vacant land condominium
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A Plan of Condominium, where common elements and units are created, but no buildings or structures have been constructed at the time of registration of the condominium plan. Can provide flexibility for unit purchasers to choose their own building design, while still benefiting from common services or facilities.
Common elements condominium
Phased condominium
Conversion from rental to condominium status
For more information, please see the Plan of Condominium Information Sheet.