Condo Glossary

As if moving into a condo or buying a condo wasn’t tricky enough now you have to decipher the lingo as well?!

Not to worry!
We’ve compiled a Glossary of the terms we are asked most frequently and broke them down to help you keep up with any Realtors and Property Managers you encounter along the way. 

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Agreement of Purchase and Sale (APS): A legal document used to state a buyer’s desire to purchase a property along with a deposit. 

Amenities: Desirable and useful features of a building that contribute to the comfort of residents. 

Closing: The final step in purchasing a condo where you receive your title. 

Common Area: The area used by two or more tenants, and/or third parties, not under the control of any one tenant.

Common Elements: Various components of the condominium where homeowners share joint ownership: hallways, recreational areas, parking garage, parking space, storage locker, roof.

Condominium: A form of land ownership where a property is divided into private residential units that share many common elements. 

Condominium Fees: A monthly sum paid by each homeowner that goes toward the operation and upkeep of the common elements. 

Credit History: Sometimes called a credit report. This is the main report that lenders use to determine if you qualify for a loan. 

Down Payment: A portion of the purchase price that is not financed by the mortgage loan. 

High Rise: A building that has seven or more stories.

Low Rise: Buildings that are three stories or less.

Mid Rise: Buildings that are three to seven stories high. 

Occupancy: Moving into a condominium and making it your residence. 

Occupancy Date: The date that defines when you must take occupancy of your home.

Real Estate Agent: Someone who sells or rents out buildings and land for clients. 

Reserve Funds: A fund required to be set aside by the Condominium Corporation to cover the major repair and replacement of the common elements and assets of the condominium

Townhome: One of several single-family homes, side-by-side.