Chances are you’ll well be acquainted with the type of housing known as a condominium, or “apartment,” however do you know what the term actually means? It’s a particular part of a real estate piece that’s owned by a person, and is often a converted apartment. These normally embody frequent areas like hallways or out of doors patios and amenities. In this article we’ll look on the completely different types of condos.
One specific type is called a freehold condominium. That means the land the apartment advanced is constructed on is definitely 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 or even high-rise condos. Completely different subcategories of freehold condos are: phased condos, standard condos, frequent aspect condos and vacant land condos.
An ordinary apartment is made up of buildings subdivided into individual units and also consists of widespread options corresponding to amenities and out of doors areas. With this type of a condo the owners should chip in for the bills for repairs and upkeep of those frequent features.
A phased condominium is more or less a regular apartment, however is instead developed in phases. This permits consumers to buy individual units from the developer earlier than the project is actually completed; even if the project takes years more to complete. The person units MUST have everything they need to be self-enough complete in order for them to be sold.
The following subheading we will focus on is the frequent components condominium. In this variety there should not any units; only frequent options which are connected to existing parcels of land. The owners of this kind of rental are liable for maintaining the common features of the complex. An instance of this might be: when a gaggle of property owners want to create a park; or maybe a small beach if it is near water, for their community exclusively. Then this similar group of owners must chip in for the expenses of maintaining 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. Elements of this land may be sold as units and due to this fact can be constructed upon by the new owner. With this type, the mixture of the house AND the land is considered to be the condominium unit.
The opposite major category of condominiums is called “leasehold” condos. This was established in an effort to give more options on the use of the land to institutions reminiscent of hospitals or universities. With this, the land owner leases the related 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. Also; the consumers do NOT actually own this land, instead they only have a LEASE on it. For this and some other reasons this type of apartment is very rare.
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