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When a condo or complex is operated as a corporation rather than a strata how does that affect the financing options for a new owner?
Wiki User
∙ 14y ago
In a brief search, apparently 'strata' is a form of governance practiced in Canada and in the EU, Australia, and possibly elsewhere. It is not a familiar term of governance for condominiums in US, where 'corporation' is the more common form of governance structure.
You can educate your mortgage lender as to the common forms of community governance in the geography where you plan to purchase your condominium.
If you need help understanding the corporate ownership model, here's a definition from Search Financial Security:
"A well-defined and enforced corporate governance provides a structure that, at least in theory, works for the benefit of everyone concerned by ensuring that the enterprise adheres to accepted ethical standards and best practices as well as to formal laws. To that end, organizations have been formed at the regional, national, and global levels."
Wiki User
∙ 14y ago
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