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A condominium consists of 2 parts, the first being the individual unit which is owned and registered in the name of the home buyer. The second part consists of the common elements of the building or property. Ownership and the cost of common elements is shared by all the unit owners in proportion to the size of their unit.
The Condominium Corporation is a legal corporation complete with a board of directors that are elected and made up by the unit owners. The purpose of the board is to manage the business affairs of the condominium corporation. Each condo owner has voting rights to ensure a democratic process in running the condominium corporation.
It is important to note that condominium laws are different depending on the province you live in. For more information on the Condominium Act, home owners in Mississauga and the rest of Ontario can contact the Ministry of Consumer and Business Relations.
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