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Condo terminology can be confusing for buyers and even agents. The Century 21 Condo, POTL & Vacant Land Condo Reference Guide provides clear distinctions.
Standard Condominiums:
These are the most common and include individual units plus common elements such as hallways and amenities. They are identified by legal descriptions containing “UNIT,” “LEVEL,” and the condo plan number. (Form 101 APS).
Phased Condominiums:
These start as a standard corporation but grow over time with additional buildings or phases. They must be completed within 10 years. (Form 101).
Vacant Land Condominiums:
Here, the “unit” is actually a parcel of land. Owners may build homes on the land or buy lots with structures already added. These are also Form 101 transactions.
POTL (Parcel of Tied Land):
These properties look like freehold homes but are tied to shared common elements through a CECC. They require Form 111 APS.
Freehold Properties:
These contain only LT/BLK/PL descriptions. They are not condos and use Form 100 APS.
Helping clients identify their property type ensures the correct agreement and proper due diligence.
