What Is A Parcel Of Tied Land?

?A POTL or parcel of tied land fee is associated with certain townhouses that have a monthly fee similar to a condo maintenance fee. … Meaning that you would pay a monthly fee to help maintain the shared areas, such as the parking, garbage, snow removal, grass cutting and parks.

What is POTL fee in real estate?

?A POTL or parcel of tied land fee is associated with certain townhouses that have a monthly fee similar to a condo maintenance fee. … Meaning that you would pay a monthly fee to help maintain the shared areas, such as the parking, garbage, snow removal, grass cutting and parks.

What is the meaning of POTL?

DEAR CONDO SHOPPER: POTL stands for “Parcel of Tied Land”, a real estate entity that’s typically found in a townhome-style condominium complex. The POTL is made up of a freehold parcel of land and the home that sits on it (a standard condominium unit).

What is a freehold parcel of land?

: Freehold property can be defined as any estate which is “free from hold” of any entity besides the owner. Hence, the owner of such an estate enjoys free ownership for perpetuity and can use the land for any purposes however in accordance with the local regulations.

What is CEC in real estate?

Typically, the Common Elements Condominium Corporation concept is used where the owners of existing properties wish to create and share the use of and responsibility for a shared facility or service. A CECC is an attractive solution to resolving ongoing maintenance costs of shared real estate assets or services.

What is a POTL townhouse?

With a POTL, each home or townhome owner typically owns a piece of land and the building on it and also has a part ownership in the common elements of the CEC. The common elements include things like parking areas, access roads, sidewalks, and parks.

What is freehold condominium?


Owners of freehold condominiums typically own their unit — such as a house or townhouse — as well as the land it’s on. They are usually responsible for the care and maintenance of their entire property, including the home’s roof and outside walls and the lawn, driveway and garage.

What are freehold townhomes?

Simply put, a freehold townhome is a house that is attached on both sides and has the same features as a detached house. What this means is that there are no extra management fees, no common areas, and no condo association fees.

How do I get a status certificate in Ontario?

Anyone can order a condo corporation’s status certificate by providing a written request and paying the $100 fee, however this is typically only done when there is a prospective buyer of a resale condo unit. Whether the buyer or seller pays this fee is negotiable, and the standard varies by area.

What is a parcel of land Ontario?

The Ontario Parcel is used by Land Information Ontario to validate and maintain the addresses within the Ontario Road Network. How to Access Ontario Parcel Data: The Ontario Parcel geometry and key identifiers are available at no cost to most government organizations and for a fee to others.

What is common element fee?

A Common Expense Fee (also known as a Condo fee, Maintenance fee, or Common Elements fee) is a prescribed amount each unit owner must pay to the Condominium Corporation. The amount payable is typically calculated based on the size of the unit owned within the corporation.

What’s the difference between freehold and condominium?

The biggest difference between a freehold condominium and a regular condominium is what is included as part of the unit. With a freehold condominium, you own the plot of land and any structure on that land such as a house or townhouse. … All unit owners pay a monthly condominium fee toward their upkeep.

Is freehold or 99 year better?

The common understanding is that freehold properties can be held indefinitely by the buyer, while 99-year leasehold properties will revert back to the state after the tenure ends. The 999-year leasehold properties also technically revert back to the state after the tenure ends. … Freehold fetches a better value.

What is the difference between condominium and freehold?

In a condominium you need to pay a monthly fee that includes everything from contributions to a reserve fund, insurance, heat, hydro, television and maintenance. … In your freehold home, insurance, heat, hydro, maintenance, etc. are your personal responsibility and you deal with them as you deem necessary.

Is there a status certificate for POTL?

The Status Certificate will provide critical information surrounding the POTL, including the common element fee that the homeowner will be required to pay. This also means each POTL is unique and the monthly fee can vary.

How hard is it to pass the realtor exam?

Real estate exams are designed to be difficult to pass, so they can weed out people who are not going to be skilled agents. Though the pass rate varies based on the state exam, they hover around 50% across the country. This means only about half of the people who take a state licensing exam pass.

Why is the real estate test so hard?

These tests are demanding: You may see questions pertaining to the responsibilities of real estate professionals, certain national state and regulations, real estate finance, and real estate ethics, and you may even some moderately complex math problems. Simply put, this is a test that you need to study for.

Does freehold mean you own the land?

The freeholder of a property owns it outright, including the land it’s built on. If you buy a freehold, you’re responsible for maintaining your property and land, so you’ll need to budget for these costs. Most houses are freehold but some might be leasehold – usually through shared-ownership schemes.

What can you do on freehold land?

Benefits of freehold property

A freehold property also has no restriction regarding time, visitors and the like. Thus, the owner can do whatever he legally wishes to within his property, without being answerable to anybody else.

What are the benefits of buying the freehold?

Benefits of owning the freehold to your flat:

  • Free lease extensions: you can usually extend the lease to 999 years at no extra cost (excluding legal fees)
  • You control service charges: you can choose value for money, quality providers.
  • No ground rent: you normally don’t pay ground rent.

Is a balcony a common element?

Balconies or patios are part of the common elements because they are outside the boundaries of a unit. They are considered limited common elements because their use is limited to the owner or resident of the adjacent unit.

Is balcony a common area?

A balcony is a very common example of exclusive use common property.

Is condo balcony a common element?

Limited common elements may be found within or outside individual condo units. Although they are deemed common, their use is limited to the occupant of the unit. Examples include balconies, (shared) outdoor space such as patios and terraces, and parking lots and garages.