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You might well be acquainted with the type of housing known as a condominium, or “condo,” but do you know what the term actually means? It is a specific a part of a real estate piece that is owned by an individual, and is usually a transformed apartment. These usually embody widespread areas like hallways 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 rental advanced is constructed on is actually owned by the developer. Because of this potential patrons of the units can have the deeds switchred over to them directly. The buildings for these typed of condos could be row condos or low-rise condos and even high-rise condos. Completely different subcategories of freehold condos are: phased condos, customary condos, widespread aspect condos and vacant land condos.

An ordinary condo is made up of buildings subdivided into particular person units and likewise includes frequent options such as amenities and outside areas. With this type of a condo the owners should chip in for the expenses for repairs and upkeep of those frequent features.

A phased rental is more or less a regular condo, however is instead developed in phases. This permits patrons to purchase particular person units from the developer earlier than the project is actually completed; even when the project takes years more to complete. The individual units MUST have everything they should be self-ample full to ensure that them to be sold.

The next subheading we’ll discuss is the widespread elements condominium. In this selection there will not be any units; only widespread options which might be linked to existing parcels of land. The owners of this kind of apartment are accountable for sustaining the widespread features of the complex. An example of this might be: when a gaggle of property owners want to create a park; or perhaps a small beach if it is near water, for their community exclusively. Then this similar group of owners must chip in for the expenses of maintaining this amenity.

The ultimate subcategory of condos is a vacant land condo. This is a parcel of naked, undeveloped land on the time of its registration. Parts of this land can be sold as units and due to this fact could be constructed upon by the new owner. With this type, the mix of the home AND the land is considered to be the condominium unit.

The opposite major class of condominiums is called “leasehold” condos. This was established with the intention to give more options on using 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 length of the lease CANNOT be shorter than 40 years OR more than 99. Additionally; the consumers do NOT actually own this land, instead they only have a LEASE on it. For this and some different reasons this type of condominium could be very rare.

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