A buyer asks her salesperson what kind of corporation governs the vacant land condominium development she is considering. Under the Condominium Act, 1998, how is a vacant land condominium corporation classified?
Correct Answer
B) A type of freehold condominium corporation
Section 6(1) of the Condominium Act, 1998 divides corporations into freehold and leasehold corporations, and s. 6(2) lists the four types of freehold corporation: common elements, phased, vacant land and standard. A vacant land condominium corporation is therefore a type of freehold condominium corporation.
Why This Is the Correct Answer
Section 6(2), paragraph 3, lists vacant land condominium corporations as one of the four types of freehold condominium corporation.
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