Typical Condominium Formats
You might well be acquainted with the type of housing known as a condominium, or "rental," but do you know what the term truly means? It's a specific part of a real estate piece that is owned by an individual, and is often a converted apartment. These usually include widespread areas like hallways or outdoor patios and amenities. In this article we'll look at the totally different types of condos.
One specific type is called a freehold condominium. Meaning the land the apartment advanced is built on is actually owned by the developer. Because of this potential buyers of the units can have the deeds switchred over to them directly. The buildings for these typed of condos might be row condos or low-rise condos and even high-rise condos. Completely different subcategories of freehold condos are: phased condos, commonplace condos, widespread element condos and vacant land condos.
A regular condo is made up of buildings subdivided into individual units and in addition consists of frequent options reminiscent of amenities and out of doors areas. With this type of a apartment the owners must chip in for the bills for repairs and maintenance of those common features.
A phased condo is more or less a typical condominium, however is instead developed in phases. This allows consumers to buy individual units from the developer before the project is definitely completed; even if the project takes years more to complete. The individual units MUST have everything they should be self-sufficient complete in order for them to be sold.
The subsequent subheading we will discuss is the widespread components condominium. In this variety there are usually not any units; only common options that are linked to existing parcels of land. The owners of this kind of apartment are answerable for sustaining the common features of the complex. An instance of this might be: when a bunch of property owners wish to create a park; or perhaps a small beach if it is near water, for his or her community exclusively. Then this same group of owners must chip in for the expenses of sustaining this amenity.
The final subcategory of condos is a vacant land condo. This is a parcel of naked, undeveloped land on the time of its registration. Components of this land could be sold as units and due to this fact may be built upon by the new owner. With this type, the combination of the home AND the land is considered to be the condominium unit.
The other main category of condominiums is called "leasehold" condos. This was established as a way to give more options on the use of the land to institutions such as hospitals or universities. With this, the land owner leases the relevant parcel of land to the declarant and establishes the condo. In this instance the length of the lease CANNOT be shorter than forty years OR more than 99. Additionally; the consumers do NOT really own this land, instead they only have a LEASE on it. For this and a few different reasons this type of condominium may be very rare.
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