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You might well be acquainted with the type of housing known as a condominium, or “apartment,” however do you know what the time period actually means? It’s a particular part of a real estate piece that’s owned by an individual, and is usually a converted apartment. These normally include widespread areas like corridorways or outside patios and amenities. In this article we are going to look at the completely different types of condos.

One specific type is called a freehold condominium. Meaning the land the apartment complex is constructed on is actually 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 and even high-rise condos. Different subcategories of freehold condos are: phased condos, commonplace condos, common ingredient condos and vacant land condos.

A standard condominium is made up of buildings subdivided into individual units and in addition includes common options similar to amenities and outside areas. With this type of a condo the owners should chip in for the bills for repairs and maintenance of those widespread features.

A phased apartment is more or less a typical rental, however is instead developed in phases. This allows consumers to purchase particular person units from the developer earlier than the project is definitely completed; even if the project takes years more to complete. The individual units MUST have everything they need to be self-adequate full to ensure that them to be sold.

The following subheading we’ll talk about is the common components condominium. In this selection there should not any units; only widespread features which can be related to current parcels of land. The owners of this kind of condo are answerable for maintaining the frequent features of the complex. An instance of this could be: when a group of property owners want to create a park; or maybe a small beach if it is close to water, for his or her community exclusively. Then this similar 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 may 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 category of condominiums is called “leasehold” condos. This was established with a view to give more options on the usage of the land to institutions equivalent to 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 size of the lease CANNOT be shorter than forty years OR more than 99. Additionally; the buyers do NOT actually 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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