You could well be acquainted with the type of housing known as a condominium, or «condominium,» but 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 normally a converted apartment. These usually embrace frequent areas like corridorways or outdoor patios and amenities. In this article we’ll look at the different types of condos.
One particular type is called a freehold condominium. That means the land the condominium complicated is constructed on is definitely owned by the developer. Because of this potential consumers of the units can have the deeds switchred over to them directly. The buildings for these typed of condos may be row condos or low-rise condos or even high-rise condos. Different subcategories of freehold condos are: phased condos, normal condos, frequent factor condos and vacant land condos.
A regular apartment is made up of buildings subdivided into particular person units and likewise consists of frequent features reminiscent of amenities and out of doors areas. With this type of a apartment the owners must chip in for the expenses for repairs and maintenance of these common features.
A phased apartment is more or less an ordinary apartment, but is instead developed in phases. This permits consumers to buy individual units from the developer before the project is actually finished; even if the project takes years more to complete. The person units MUST have everything they must be self-adequate full in order for them to be sold.
The next subheading we’ll focus on is the frequent components condominium. In this variety there are usually not any units; only common features that are related to existing parcels of land. The owners of this kind of rental are responsible for sustaining the widespread features of the complex. An example of this could 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 same group of owners must chip in for the bills 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 may be sold as units and therefore 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 with a view 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 occasion the size of the lease CANNOT be shorter than forty years OR more than 99. Additionally; the consumers do NOT truly own this land, instead they only have a LEASE on it. For this and some different reasons this type of condo may be very rare.
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