| A | B |
|---|
| Vacant land condominium | Condos built by unit holders themselves |
| Leasehold Condominium Corporation | Condo corporation does not own the land but leases it longterm |
| Exclusive use common elements | Patio, balcony, storage locker that only owner can use |
| Common elements (examples) | Exercise room, party room, lobby |
| Unit | Owned in fee by condo member |
| Status certificate | Document that shows condo fees, special assessments etc |
| No pets clause | found in by-laws of corporation |
| Declaration | Document registered on title that creates condo |
| Description | Document that shows where units are |
| Condo fees | Monthly charge for services and maintenance of condo |
| Interim occupancy agreement | Contract between builder and owner of new condo until declaration registered |
| Reserve fund | Money set aside fron condo fees to pay for major repairs or renovations |
| Common elements | Condominium that has no units |
| Rule by which condo is run | By-laws |
| Disclosure statement | Information package that must be given to buyer of new condominium |
| Exclusive use common element | Not part of unit but owner is only one who can use |
