You could well be acquainted with the type of housing known as a condominium, or “condominium,” however do you know what the term actually means? It is a explicit part of a real estate piece that’s owned by a person, and is usually a transformed apartment. These normally embody common areas like hallways or outside patios and amenities. In this article we are going to look on the completely different types of condos.
One explicit type is called a freehold condominium. Which means the land the condominium complex is built on is actually owned by the developer. Because of this potential patrons of the units can have the deeds transferred over to them directly. The buildings for these typed of condos can be row condos or low-rise condos and even high-rise condos. Different subcategories of freehold condos are: phased condos, normal condos, widespread component condos and vacant land condos.
An ordinary apartment is made up of buildings subdivided into particular person units and in addition contains frequent options akin to amenities and out of doors areas. With this type of a condo the owners should chip in for the expenses for repairs and maintenance of these widespread features.
A phased apartment is more or less a typical condo, however is instead developed in phases. This permits patrons to buy particular person units from the developer earlier than the project is actually finished; even when the project takes years more to complete. The individual units MUST have everything they have to be self-adequate complete in order for them to be sold.
The next subheading we’ll talk about is the frequent parts condominium. In this selection there are not any units; only common features which can be linked to present parcels of land. The owners of this kind of condo are accountable for sustaining the common options of the complex. An instance of this will be: when a bunch of property owners want to create a park; or perhaps a small beach if it is close to water, for their community exclusively. Then this same group of owners should chip in for the expenses of maintaining this amenity.
The ultimate subcategory of condos is a vacant land condo. This is a parcel of naked, undeveloped land at the time of its registration. Parts of this land may be sold as units and subsequently might be constructed upon by the new owner. With this type, the combination of the house AND the land is considered to be the condominium unit.
The opposite major class of condominiums is called “leasehold” condos. This was established with a view to give more options on using the land to institutions akin to hospitals or universities. With this, the land owner leases the relevant parcel of land to the declarant and establishes the condo. In this occasion the size of the lease CANNOT be shorter than 40 years OR more than 99. Additionally; the patrons do NOT truly own this land, instead they only have a LEASE on it. For this and a few different reasons this type of condo could be very rare.
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