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Difference Between a Standard Condominium and a Common Element Corporation
If you buy a unit in a standard condominium corporation, you will be required to pay a common element fee for the maintenance of hallways, elevators, etc.
Whereas, a common elements condominium corporation consists of common elements like roads or parks that are considered a parcel of tied land permanently attached to the property.
This type of corporation requires owners to fund their maintenance and repair of these common elements through monthly POTL fees.
WHAT IS A PARCEL OF TIED LAND (POTL)?
A Parcel of Tied Land (POTL) is a freehold property with a common element that is registered under the Condominium Act.
Examples of features that could be included in a common elements condominium are:
- Parking areas
- Community centres
- Garbage and Snow removal, Lawn care
An example of a POTL is a single family, detached dwelling with a roadway (common element).
If you are a buyer and would like to know more about its, its always a good idea to check up with a real estate professional for the updates.