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Doesn't townhouse ownership include the land beneath it versus a condominium where owners own only their unit plus a part of shared common grounds and amenities?
When you buy real estate, you are entitled to understand exactly what is included in your ownership.
For a condominium, you can read the governing documents that detail the boundary between what is privately owned and what is owned in common, including limited common areas dedicated for your use.
If the townhouse is part of a community ownership scheme, those governing documents give these details.
Finally, if you have a question about what you own, your local county tax assessor will be able to tell you exactly what is included in your property tax payment.
What else can I help you with?
Does a townhouse own the land beneath it whereas a condominium owners own only the unit plus a part of shared common grounds and amenities?
Yes, typically the extent of the actual land owned in each is different.Generally, a townhouse is one of a row of attached dwellings that share common side walls. Therefore, a townhouse is an individually owned building attached in a row with other individually owned buildings. Each townhouse owner owns the land beneath that unit. To confuse the issue of townhouses, some condominiums are called townhouse condominiums. In that case the term refers to the style of the condominium buildings.A condominium unit owner owns a unit and a proportionate interest in all the land beneath the condominium community and the common areas based on the size of their unit. All the interests of all the unit owners would add up to 100%. That interest is expressed as, “Unit 201 including a .0987 percent interest in the common areas”.
What are the differences between a townhome and a condominium?
The main differences between townhouses and condominiums are their structure, ownership, and whether they are governed by state statures. Townhomes, more commonly referred to as town houses, are rows of independent, identical houses that share walls and the owner, typically the resident, owns the land, yards/decks, and the home itself. A condominium is a small housing structure within a larger structure, similar to an apartment complex, where the owner owns only the condominium being rented/bought, and state statutes can regulate various aspects of the building itself.
Is the attached garage of a townhouse common property of a condominium?
Depending on what's written in your governing documents, an attached garage may be a limited common element, that is owned in common, but available to not all owners, owned outright by the unit owner or a common element. Read your governing documents to determine how your attached garage is owned. There is no standard.
What is the difference between buying a co-op apartment vs. a condominium?
One basic difference between these two types of real estate ownership may be the availability of lender financing. Generally, co-ops must be purchased with cash, and condominiums qualify for mortgage loans.
What are the benefits of living coop vs condo?
The difference is in the style of ownership of the real estate, and the style of the buildings. Some townhouses are stand-alone buildings, others built in rows. There is no standard style of real estate for condominiums.
What is a bare land condominium?
A bare land condominium is a type of condominium where each unit owner owns the land beneath their unit, as well as the unit itself. This differs from a traditional condominium where unit owners typically own the airspace within the unit boundaries. In a bare land condominium, unit owners are responsible for maintaining their individual units as well as the land surrounding it. This type of condominium is common in developments where each unit is a standalone structure, such as townhouses or detached homes.
Do boundary lines on condo divided land have any legal significance regarding liability?
Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.
How do you spell beneath?
Beneath.
Is beneath an adjective?
Beneath is an adverb.
What are the comparative and superlative forms of the word beneath which is an adverb?
more beneath, most beneath
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What is the definition of the keyword "soli" and how does it relate to the concept of property ownership?
The keyword "soli" refers to the legal concept of owning both the surface and subsurface rights of a property. This means that the property owner has control over what is on the surface as well as what lies beneath it, such as minerals or resources. This concept of soli is important in property ownership as it grants the owner comprehensive control and rights over the land and its resources.
