Condominium, Fee simple and Free Hold Land

Every owner pays a monthly fee to share the use of the land and facilities as well as to keep the building in good state of repairs. The building gets registered with the municipality by incorporating and becoming a legal entity. A board of directors is elected among the owners to manage, make decision as well as authorize repairs or issue by-laws which may effect the building. Usually the condominium fee, most often called "maintenance fee" will include the use of amenities, building insurance, maintenance of the surrounding grounds and building in some building or complexes it includes utilities Maintenance fee are set every year based on a forecast of expenditures.

Fee Simple, Owned Land also called "Free Hold"
Owners own the land and are responsible for the maintenance of the grounds, cost of insurance, utilities as well as repairs which nay have to be undertaken.

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