Is a condominium a single family or a multi family dwelling?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

It all depends. Legally, a condominium is simply a form of real estate ownership, regardless of its structure. Marinas can be condominiums, and in fact, the continent of Antarctica is listed as a condominium. As well, commercial properties can be condominiums.

The answer depends on who's 'looking' at the property. A bank, for example, may acknowledge it as a condominium, and thereby apply certain rental percentage limits on the association before giving a loan to purchase the property.


As an owner, you can consider it a multi-family dwelling, since you have neighbors 'a wall' away from your home. Your insurance, for example, should dovetail with the master insurance policy that covers real estate you own in common with other owners. As well, you are required to abide by the CC&Rs contained in the governing documents, and pay monthly assessments.


As a public utility, you can define and categorize a condominium any way you want to -- apparently. In some small, rural communities, public utilities choose to regard condominiums as 'single family homes' for the purposes of exacting higher sewer and water fees from these owners than it offers apartment owners, who may pay a lower rate.


If yours is a dwelling that looks like a single family home, but all the land under all the homes in the development is owned in common with all other owners, you may live in your home as though it were a single family home, but you may also have restrictions as to how you paint or decorate the exterior, and you may also have CC&Rs that you must abide by.
5 people found this useful

Why are mortgage rates rising?

The mortgage rates are rising because prime lending rates are rising. When money to lend is scarce, it becomes more expensive to borrow.

How do you compare mortgage rates?

Mortgage rates fluctuate day-by-day based on a variety of variables. A comparison of rates between markets and states are even more difficult when there are point differential

What mortgage rates does Chase Mortgage offer?

Chase Mortgage offers competitive mortgage rates. You can complete a simple calculator and find your own personal rates. For example a 30 year fixed loan would be 4.625, a 15

What are current mortgage rates for houses?

This depends on the bank you are working with, as well as your credit rating. An average rate can be about 4.7%, but this may vary regionally, and based upon the type of house

What does the lowest mortgage rates mean?

The lowest mortgage rates refer to when a mortgagor approves a all time low rate to be paid by the mortgagee. This basically means that you'll be paying less out of your pocke

What are typical house mortgage rates?

At this time typical mortgage rates are around 4.465% for a 30 year fixed loan. Though as we all know can vary depending on location and credit rating.

Are mortgage rates still in the news?

Mortgage rates are often in the news. The recent recession and continuing fears about the economy mean that changes in mortgage rates are a hot topic for reporters.
In Mortgages

Why si there second mortgage rates?

"Second mortgage rates are for people who already have a first mortgage out and need the money for bills. Or, sometimes if there is an emergency and they don't have the money
In Mortgages

What are the typical home mortgage rates?

The mortgage rates you pay are defined by what type of mortgage you have. If you have a fixed rate mortgage, you'll pay the interest rate which existed when you signed the dea
In Colorado

What are typical Colorado mortgage rates?

The average price for a house in Colorado is substantially higher than that of the average for the entire United States. Some of the available mortgages in Colorado include fi
In Mortgages

What mortgage rates are charged by RBC?

The RBC website offers a mortgage rate calculator and one could also get the information by contacting the Royal Bank at their toll free number, at 1-800-769-2511.