In today`s market, except in some cases, only National Bank of Canada and some Desjardins credit unions offer this type of financing, even if an individual agreement is registered with the real estate bank. There is an excellent website that contains a lot of information about undivided co-ownership: condolegal.com As a notary, I believe that both types of co-ownership have their raison d`être. *The solution: A co-ownership contract signed by all the co-owners to create what notaries call organized undivided co-ownership. The rights of undivided co-owners The co-owner is free to sell or transfer his undivided share in the property, unless otherwise specified in the contract. However, with a few exceptions, the law allows other undivided co-owners to reject the new purchaser by reimbursing the sale or transfer price and the fees. The agreement can and must define the rules of operation and management of the common property in order to harmonize the relations between the co-owners. It can be extended at any time. On the other hand, this agreement may not exceed 30 years. In a co-ownership without sharing, the financial institutions now agree to finance the co-owners individually. The co-owners have as collateral a cross-mortgage on each of the apartments to ensure that the obligations of all are fulfilled. I suggest you ask a notary about how these mortgages work. Unshared co-ownership is an unknown topic for many people and raises questions about its different structure and characteristics.
Many confuse this with shared co-ownership, where each owner holds their private share as well as a share of the common areas.. . . .