ABSTRACT
The development of condominium m North America and Australia has been largely a response to the severe land shortages in the metropolitan areas and the "back-to-the-city" movement of many disenchanted suburb-dwellers. It is intended to incorporate all the economic advantages of co-operative apartment living with the economic and psychological advantages of home ownership, though the latter advantage may be less important in the Caribbean - because of the association of condominium with the tourism industry - than it would be in North America. In common with most condominium legislation, Ch 124 and Cap 224A of the Law of Property and Conveyancing (Condominium) Act preclude the creation of a condominium on a leasehold. In the Caribbean, the Condominium Act 1981 of Trinidad and Tobago provides for the registration of both freehold and leasehold developments. The main disadvantage of leasehold condominiums is that the financial independence of individual unit owners from the other unit owners may be compromised.
