You may well be acquainted with the type of housing known as a condominium, or "condominium," but do you know what the time period truly means? It's a specific a part of a real estate piece that's owned by an individual, and is usually a converted apartment. These usually include common areas like corridorways or outdoor patios and amenities. In this article we'll look at the completely different types of condos.

One specific type is called a freehold condominium. That means the land the condominium advanced is constructed on is definitely owned by the developer. Because of this potential consumers of the units can have the deeds transferred over to them directly. The buildings for these typed of condos may be row condos or low-rise condos or even high-rise condos. Totally different subcategories of freehold condos are: phased condos, standard condos, widespread component condos and vacant land condos.

An ordinary condo is made up of buildings subdivided into individual units and likewise includes widespread features equivalent to amenities and out of doors areas. With this type of a condominium the owners must chip in for the bills for repairs and maintenance of these frequent features.

A phased condo is more or less a typical condo, but is instead developed in phases. This permits consumers to buy individual units from the developer earlier than the project is definitely finished; even when the project takes years more to complete. The individual units MUST have everything they need to be self-adequate complete to ensure that them to be sold.

The following subheading we are going to focus on is the frequent parts condominium. In this variety there should not any units; only common features which might be linked to present parcels of land. The owners of this kind of condo are answerable for sustaining the common options of the complex. An example of this can be: when a gaggle of property owners wish to create a park; or maybe a small beach if it is close to water, for his or her community exclusively. Then this identical group of owners must chip in for the bills 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. Components of this land may be sold as units and due to this fact might be constructed upon by the new owner. With this type, the mix of the house AND the land is considered to be the condominium unit.

The other main class of condominiums is called "leasehold" condos. This was established as a way to give more options on the usage of the land to institutions akin to hospitals or universities. With this, the land owner leases the related 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. Also; 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 condominium may be very rare.

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