Quote:
Originally Posted by meskal1
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4. On the MLS.ca website they mention ownership types such as freehold and leasehold. I could guess to what these mean but could someone translate them into Americanese? 
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Quick-and-dirty descriptions:
Freehold - outright ownership of a property
Leasehold - right to use a property for an extended period of time, e.g. 99 years
Condo/strata title - ownership of a particular unit of housing within a multi-unit complex, plus shared ownership of common areas within the complex.
Co-op: ownership of a share of a multi-unit complex, with right of residence within the complex. There are significant legal differences between co-op and condo ownership, which you'd need to understand carefully if you become interested in a co-op, but this ownership structure is relatively rare in Ontario.
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