Conversion |
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Also see: Memo on Condominium Conversions; Memo on Rights of Tenants in Conversions
Short Answer
Registration of a declaration and description to create a condominium on land where there is an existing, already constructed building or structure that will be incorporated into the condominium.
Definition
Sometimes people make the mistake of thinking that a “condominium” is a certain kind of building. In larger cities, such as Toronto, the word “condominium” makes people think of skyscrapers with luxury suites owned by the wealthy. However, a “condominium” can be any type of property, from apartments to town homes to retail stores and factories.
A “condominium conversion” is a condominium in respect of which, instead of being a newly constructed building, structure or complex, the declaration and description that create a condominium are registered against land that contains pre-existing buildings or structures. Confusion about what this means arises in part because not many people understand that what makes something a condominium is not what it is (i.e., what type of thing is built on the land) but how it is owned (i.e., the manner in which title to the property is held).
Converting the manner of holding title to land is, in fact, what happens upon the creation of any and all condominiums, and is the central point of making a condominium (that is, converting a block or parcel of land from single ownership to multiple ownership with shared rights and obligations); but the term "conversion" typically only gets applied where there is a pre-existing building or structure on the land and which is to be incorporated into the proposed condominium.
Such conversion of the building or structure into a condominium does not inherently alter its use or design, but, again, simply changes the way its title is held. Thus, while a commercial or industrial building can change from such uses to residential uses once converted (many “loft” condominium conversions are of this type), if the owner/developer wants, it could also remain a commercial or industrial property post‐conversion if that is what is wanted.
Typically, pre‐built properties will be converted to Standard Condominium Plans. This is not only typical, but is often the only practical choice. However, when deciding to convert property to condominium, initially the door is wide open to consider all the possibilities that the land and the existing building(s) and structure(s) in it can provide: If it makes sense to do so, existing properties can be converted to any type of condominium plan.
A “condominium conversion” is a condominium in respect of which, instead of being a newly constructed building, structure or complex, the declaration and description that create a condominium are registered against land that contains pre-existing buildings or structures. Confusion about what this means arises in part because not many people understand that what makes something a condominium is not what it is (i.e., what type of thing is built on the land) but how it is owned (i.e., the manner in which title to the property is held).
Converting the manner of holding title to land is, in fact, what happens upon the creation of any and all condominiums, and is the central point of making a condominium (that is, converting a block or parcel of land from single ownership to multiple ownership with shared rights and obligations); but the term "conversion" typically only gets applied where there is a pre-existing building or structure on the land and which is to be incorporated into the proposed condominium.
Such conversion of the building or structure into a condominium does not inherently alter its use or design, but, again, simply changes the way its title is held. Thus, while a commercial or industrial building can change from such uses to residential uses once converted (many “loft” condominium conversions are of this type), if the owner/developer wants, it could also remain a commercial or industrial property post‐conversion if that is what is wanted.
Typically, pre‐built properties will be converted to Standard Condominium Plans. This is not only typical, but is often the only practical choice. However, when deciding to convert property to condominium, initially the door is wide open to consider all the possibilities that the land and the existing building(s) and structure(s) in it can provide: If it makes sense to do so, existing properties can be converted to any type of condominium plan.
What you need to know…
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…as a Unit Owner
Pending |
…as a Board Member or Manager
Pending |
…as a Declarant
Pending |