West End is home not only to Freehold properties, sometimes known as "Fee Simple" but also Leaseholds and Shares in a Cooperation.
Freehold Properties
This is the most common form of ownership. Freehold properties are a type of real estate ownership where the buyer has complete and indefinite ownership of both the land and the property on it. In other words, when you own a freehold property, you own the land and the building on it outright, and you have the right to use, sell, or pass it on to your heirs without any time limit. If you purchase a condo or townhome that is part of a Strata, then you own the property in addition to your portion of land (shared with other strata owners).
Leasehold Properties
Leasehold properties are a type of real estate ownership where a person owns the property, but not the land it is built on. Instead, the land is leased from a landowner for a specific period, as outlined in a lease agreement. The lease typically has a fixed term, which can range from a few decades to several centuries, although common lease durations are often 99 or 125 years. Homes in the West End, most Leasehold buildings are privately owned.
Shares in a Cooperation
Shares in a cooperative, often referred to as cooperative shares or co-op shares, represent ownership in a housing cooperative. A housing cooperative is a type of residential property where residents collectively own and manage the entire property. Instead of owning real estate directly, individuals own shares in a corporation that, in turn, owns the property. Some examples of co-ops in the West End include Ocean Towers and Panorama Place.
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