Nature of unit ownership | 1.) Buyer obtains ownership of unit (Deed) and is registered on title 2.) Buyer obtains exclusive ownership of the individual unit, and a percentage interest in the common areas of the building 3.) Buyer becomes a member of the condominium corporation | 1.) Co-operative corporation is the registered owner of the property; buyer does not own unit 2.) Buyer has long-term, exclusive use of the individual unit through a propriety lease or occupancy agreement (not a deed) 3.) Buyer acquires shares in the corporation and is a shareholder in the corporation | 1.) Buyer obtains ownership of a percentage interest by deed, which is registered on title. 2.) Buyer gains exclusive right to occupy a specific unit through a registered co-ownership agreement and through the provisions of that agreement 3.) Buyer becomes a member of the co-ownership corporation |
Governing legislation | The Condominium Act, 1998 | No specific Act; generally subject to the Ontario Corporations Act | No specific Act; generally subject to the Ontario Corporations Act |
Buyer financing | Buyer can individually finance his or her own unit | Buyer can finance unit, using his or her corporation shares and leasehold interests in a unit (if there is no prohibition on pledging shares as security) with the Board’s consent | Buyer can individually finance interest in his/her own unit |
