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Old 07-19-2009, 06:39 PM   #33
NorthernSanctuary
Avalon Senior Member
 
Join Date: Sep 2008
Location: Montreal, Canada
Posts: 698
Default Re: Radiant zones and communities building..where are we up to ?

We did some preliminary investigation into the legal structure for communal ownership. Here's some general info (people will need to consult a lawyer for their own legal laws if interested);

1. Divided ownership
2. Undivided ownership
3. Leasing
4. Owning shares through a company

For 1: This is the condo concept. There is real (private) ownership for some parts of the building. Typically there is an owners agreement for the common parts. There is a legal entity that is created (syndicate in Quebec) and published in a register. The agreement needs to be published to be applicable to 3rd parties (a potential buyer).

For 2: This is ownership as a percentage of the whole building. A separate agreement is required for the owners, and should be registered and published. Restrictions on selling may be part of the agreement.

For 3: This is not so attractive or applicable as there is a concept of landlord and tenant, and the requirements of the landlord responsibilities to the tenant.

For 4: Was told that a good shareholders agreement would easily cost in excess of $10,000, so forget it.

Conclusion: At this point, before consulting a lawyer, it looks like the undivided ownership is the most applicable and most easy.
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