What Is the Difference Between a Bare Land Condo and a Regular Condo in Alberta?
This answer covers the law of Alberta.
The main difference is what you own. In a bare land condo you generally own a defined piece of land, often with your own house on it, while in a building-style condo you own a unit inside a shared building. Both are condominiums, so the Condominium Property Act (RSA 2000, c C-22) and the Condominium Property Regulation (Alta Reg 168/2000) govern each of them.
In either case, the owners and anyone in possession of a unit are bound by the bylaws, and the corporation is responsible for enforcing them. The corporation must insure the units, other than owners' improvements, at replacement cost value. How that applies to a house and yard in a bare land condo depends on the plan and bylaws, so confirm who insures and maintains what before you buy.
Fees depend on the corporation's budget and what it looks after. Every corporation must keep a reserve fund reasonably sufficient for major repairs and replacement, and an underfunded one may have to levy special assessments. Before buying, ask for the bylaws, budget and reserve fund documents, which the corporation must provide within 10 days of a written request.
Key takeaways
- A bare land condo generally means you own a defined piece of land, while a building-style condo means you own a unit inside a shared building.
- Both types are governed by the Condominium Property Act and the Condominium Property Regulation.
- Who insures and maintains the house, yard and shared areas in a bare land condo depends on the plan and bylaws, so confirm it before you buy.
- Ask the corporation for the bylaws, budget and reserve fund documents, which it must provide within 10 days of a written request.