document that is registered along with the strata plan that is used to create the strata corporation as a legal entity. The word corporation” and its abbreviated version or are also frequently “strata “strata” “condo” used to describe a type of building or home. For example, just bought a condo in Florida.” “I While this may or may not be technically incorrect, such usage is common. Figure 1: How the Property Is Owned Everything that is not a STRATA LOTS strata lot or an limited ASSETS common property exclusive Strata lots can include use but that is in the Assets can include: property boundaries of the Residential strata lots strata corporation Cash Parking strata lots Investments Commercial/Retail strata Residential strata lots such lots Limited Common Property can as guest suites or a Bare land strata lots include: superintendent’s unit Parking or storage strata Parking spaces lots COMMON PROPERTY Storage lockers Equipment and vehicles Patios/decks Furniture and electronics Ordinary Common Property Balconies include: Yards
document that is registered along with the strata plan that is used to create the strata corporation as a legal entity. The word “strata corporation” and its abbreviated version “strata” or “condo” are also frequently used to describe a type of building or home. For example, “I just bought a condo in Florida.” While this may or may not be technically incorrect, such usage is common. Figure 1: How the Property Is Owned STRATA LOTS Strata lots can include Residential strata lots Parking strata lots Commercial/Retail strata lots Bare land strata lots COMMON PROPERTY Ordinary Common Property include: Everything that is not a strata lot or an limited common property exclusive use but that is in the property boundaries of the strata corporation Limited Common Property can include: Parking spaces Storage lockers Patios/decks Balconies Yards ASSETS Assets can include: Cash Investments Residential strata lots such as guest suites or a superintendent’s unit Parking or storage strata lots Equipment and vehicles Furniture and electronics
Condo_101_Final.docx