You will have obligations to use the premises in an acceptable manner, and to pay your share of costs

Rules: The condominium will have a set of rules with which you will be expected to comply. They may cover issues such as having pets, use and storage of bicycles and barbeques, outside aerials and antennae, and even window coverings. Read the rules before making an offer to ensure that you can live with them.

Fees: Because you own a small fraction of the common elements, you are responsible for the same fraction of the cost of maintaining the common elements, such as grass cutting, snow clearing, and building repairs, as well as operating costs of the corporation. Operating costs can include taxes, accounting and legal fees, insurance, manager's or superintendent's salary or property management fees, and common area utility costs. Your fraction is generally calculated as the percentage of the total residential area that corresponds to your residential area. The calculations for these areas can be complicated, and the areas are most often calculated by the design architect.

You become a shareholder in a corporation that owns the building and the property on which it sits. The corporation is responsible for upkeep, and as a shareholder you are responsible for your share of its expenditures. You contribute to these through your common element fees, and special assessments if necessary. Common element fees are often based on the ratio of the area of your unit to the area of all the units in the building.

You can take an active part in running the corporation, even if only by being knowledgable about the issues, and speaking and voting at Annual General Meetings.