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There are different types of entities when it comes to multi-unit dwellings. Condominiums are the most common, and can include apartments and townhouses.

But there are other types such as Co-ops and Co-ownership units. The benefits of each type differ. Educate yourself to discover which is the right type of property for you.


Condo:
Just like buying a freehold property, you get a deed to your unit and financing through any lender with a low minimum downpayment to an approved buyer.

Benefits: -Easy to finance for you and when you re-sell.
           -Most common, simplest to explain entity.
           -Often are more modern and offer more amenities.

Co-op: Down payment sometimes as high as 30% with the interest rate typically .5% higher that posted bank rates.
The co-op corporation owns the entire building and land, you get shares in that corporation and pay part of the bulk property taxes on the building. You receive certificates, not a deed. Buyers receive an occupancy agreement and have exclusive use of their suite. Buyers must be approved by the board of directors when purchasing.

Benefits: -You generally get more space and charm for your money.
           -Usually lower monthly maintenance fees and lower taxes.
           -Often located in prime neighbourhoods like Rosedale and Forest Hill.

Negatives: -Generally less facilities like a concierge. 
             -Generally older buildings that may have no central air conditioning.
             -Increased liability as other owners are responsible if          
              another owner is in default. 
             -Harder to finance for you and when you re-sell.

Co-ownership: Down payment sometimes as high as 30% with the interest rate typically .5% higher that posted bank rates. You buy a percentage interest in the entire land and building. You receive a deed to the property and take title along with all the other owners as tenants-in common. You must be approved by the board of directors.

Benefits: Same as co-ops.

Negatives: Same as co-ops.