Did you know there are a few types of property ownership in BC? Here are the most common ones:
- Freehold or Fee Simple means that the owner “owns” the property and has full use and control over the land and buildings over it, subject to any rights of the Crown, local bylaws and restrictions at the time.
- Leasehold means that you own the right to use the property for a long, but limited period of time. You can only purchase the remaining term of the “lease” of the land from the landlord, who could be the municipality or Indian land.
- Strata means that you are buying exclusive use of a smaller piece (your unit, condo or townhouse) of a larger property, plus the shared use of common areas like halls, ground, elevators and garages. All the strata owners share the financial responsibility of maintaining the property and the building. This is common in condos and townhouses.
- Cooperative means that each owner owns a share in a company or cooperative venture which owns the property with many housing units. Each shareholder is assigned one particular unit to live in.
And… we can help you with buying, selling or mortgaging any of those!
Email us today at realestate@papercliplaw.com.
Lawyer-Founder,
Paperclip Law
