Land & amenities owned jointly by the homeowners through a common elements condo corporation.
About this Module: When you buy a new home, your purchase agreement will include a document called the ‘Addendum’. There are different versions of the Addendum depending on what kind of home you’re buying and the type of closing or occupancy date. The following module covers an Addendum for a Parcel-of-Tied-Land (POTL). A Parcel-of-Tied-Land is when you purchase your home, but it also shares an interest in adjoining land and amenities (e.g walkways, shared parking lot, tennis courts) which interests are owned jointly by the homeowners through a common elements condominium corporation. If this isn't the type of home you're purchasing, please consult our other Addendum modules.