What is a Freehold Condo in London Ontario?


With a freehold condominium, the owner not only owns the unit he or she purchased but also the land on which the building stands. The property improvements, roof and windows etc. are the owner's responsibility.

There are several advantages to owning a freehold condominium. First off, the investment is much more valuable, since land is a very valuable part of real estate . A freehold condominium may allow you to make some improvements in the lawn and other landscaping areas, however,  the condo corporation will retain some control over what the freehold owner can or can't do with the property.

Regular condo ownership means that the cost of improvements or repairs is shared by all the owners, freehold means the individual owner bears the cost alone.

Keep in mind that while the ownership and upkeep of land and buildings is up to the freehold owner, maintenance of common property elements such as green areas, ponds, parking, etc. is shared among the owners, as determined by the condo corporation and the fee is usually a lot less than a regular condo fee.

It is very important that when considering buying a free hold condominium and putting in an offer, that you have a clause allowing your lawyer review what is called the "Status Certificate" It will disclose many things but you should know up front, such as,  how much the fee is, what it covers and what you can and cannot do to your property!