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

One explicit type is called a freehold condominium. Meaning the land the rental complicated is built on is definitely owned by the developer. Because of this potential patrons of the units can have the deeds transferred over to them directly. The buildings for these typed of condos might be row condos or low-rise condos and even high-rise condos. Totally different subcategories of freehold condos are: phased condos, normal condos, common aspect condos and vacant land condos.

A typical rental is made up of buildings subdivided into particular person units and in addition consists of common features such as amenities and out of doors areas. With this type of a condominium the owners must chip in for the bills for repairs and upkeep of these common features.

A phased condo is more or less a typical apartment, however is instead developed in phases. This allows patrons to buy particular person units from the developer earlier than the project is actually finished; even when the project takes years more to complete. The person units MUST have everything they need to be self-enough complete to ensure that them to be sold.

The next subheading we are going to focus on is the common components condominium. In this variety there are not any units; only widespread features that are linked to existing parcels of land. The owners of this kind of condominium are chargeable for maintaining the frequent features of the complex. An example of this might be: when a gaggle of property owners want to create a park; or maybe a small beach if it is near water, for his or her community exclusively. Then this identical group of owners must chip in for the bills of maintaining 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. Parts of this land can be sold as units and due to this fact might be constructed upon by the new owner. With this type, the mixture 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 so as to give more options on the usage of the land to institutions such as hospitals or universities. With this, the land owner leases the relevant 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. Also; the buyers do NOT really own this land, instead they only have a LEASE on it. For this and a few other reasons this type of condominium could be very rare.

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