By CREB®

When you think of a condo, does an image of an apartment building or townhouse complex come to mind? While many picture condos as connected units, “condo” actually refers to a type of ownership—not a style of building. 

Condominiums have specific ownership responsibilities and are managed by a condo corporation in which all unit owners share an interest.

This means a condo can be an apartment, a townhouse, a detached home, or even a piece of empty land. Typically, apartments are conventional condos, while detached homes are bareland condos; townhouses can be either conventional or bareland, depending on the specific property.

Understanding your client’s needs

As a REALTOR®, it’s essential to guide clients on the unique privileges and responsibilities that come with condo ownership versus traditional property ownership. When setting up property searches, use the “Condo Type” field carefully based on your client’s preferences. Misinterpreting “condo” as always attached could limit your client’s search results.

For example, if a client requests a detached home, you may instinctively select “not a condo.” However, this might filter out detached condos that could be their ideal home. Clarifying with clients about this ownership type can expand their options and help them find a home that truly meets their needs.

Want to learn more?

Expand your expertise in condo transactions by watching these brief videos:

• Condo Legal Advice – 11 mins

• Condo Mortgages – 13 mins

• Inputting a Condo Listing – 4 mins

To deepen your knowledge of condo transactions, consider these courses:

• Condo Basics – 2.5 hr eLearning (Pre-requisite for CCS)

• Certified Condominium Specialist (CCS) – 3-days in-person

Specializing in condo transactions will help you confidently represent both buyers and sellers in this unique market.