Sometimes, all the terms and definitions related to lofts, apartments, or condominiums can make you confused. In this short guide, we’ll go through a list of the most common words used in real estate to describe different aspects related to condos in Vancouver.
Alcove studio: This refers to a studio apartment that has an alcove. In most cases, it’s used for a dining or extra place for sleeping. Alcoves with windows that are large enough to make up for an extra bedroom can be referred as “junior bedrooms”.
Alcove: An adjoining area to the living room that can be modified to create a bedroom or a dining space.
Annual Budget: This is a budget for general maintenance fees, repairs and administrative costs and is prepared by the condominium board every year.
Annual Meeting (AGM): By law, it’s required to hold an annual meeting to discuss things related to the condominium and to present financial statements.
Common Elements: Refers to various parts of the condo that the homeowners own together as joing owners. Good examples for common elements are the roof, hallways, recreational parts of the building and the garages.
Common Property: These are parts of land or buildings which are not owned individually. The Strata Act specifies the related responsibilities and details of how these are handled.
Disclosure: In every case, the developer has to provide all the necessary documents to the buyer. This includes a purchase agreement, bylaws (can be proposed bylaws as well), a management and recreational agreement, parcel lease (where applicable), mortgages that might affect the title and a plan of the condominiu.
Final Closing: This is the date when the condo is registered officially and when you obtain the title to the property.
Furnished Units: These are apartments, which are already equipped with furniture and amenities for everyday living. It is not uncommon to find these in downtown luxurious condos where the developer is trying to add something extra to attract buyers.
Loft area: Most of the times found in older repurposed industrial buildings with high ceilings. It’s typically an additional area accessible by a smaller staircase to provide an extra sleping or living area.
Occupancy Date: The date when you must take occupany of your propety, as specified in the contract.
Registration: Refers to the process process by which the condo’s declaration and description are officially approved by the requisite governmental organs.
Studio: Describes a two-room apartment where the kitchen is considered one of them.
Unit: The space contained within the set of specified boundaries in your home.
Zoning Regulations: Guidelines set by municipal governments that regulate the ways how property can or can not be used. They can be strict and should not be overlooked.