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Typical Condominium Formats
You could well be acquainted with the type of housing known as a condominium, or "condo," but do you know what the term really means? It's a particular part of a real estate piece that's owned by a person, and is often a converted apartment. These usually include widespread areas like hallways or outdoor patios and amenities. In this article we are going to look on the different types of condos.
One explicit type is called a freehold condominium. Which means the land the rental advanced is constructed on is actually owned by the developer. Because of this potential buyers of the units can have the deeds transferred over to them directly. The buildings for these typed of condos can be row condos or low-rise condos and even high-rise condos. Completely different subcategories of freehold condos are: phased condos, standard condos, common aspect condos and vacant land condos.
A regular condominium is made up of buildings subdivided into individual units and likewise includes widespread features reminiscent of amenities and outdoor areas. With this type of a condominium the owners must chip in for the expenses for repairs and upkeep of these common features.
A phased condominium is more or less an ordinary condominium, however is instead developed in phases. This allows consumers to buy particular person units from the developer earlier than the project is actually finished; even if the project takes years more to complete. The individual units MUST have everything they need to be self-adequate complete in order for them to be sold.
The following subheading we are going to focus on is the common components condominium. In this selection there aren't any units; only common options which might be linked to current parcels of land. The owners of this kind of condominium are liable for maintaining the widespread features of the complex. An example of this can be: when a group of property owners need to create a park; or maybe a small beach if it is close to water, for their community exclusively. Then this identical group of owners must chip in for the expenses of sustaining 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. Elements of this land may be sold as units and due to this fact could be constructed upon by the new owner. With this type, the combination of the home AND the land is considered to be the condominium unit.
The opposite major category of condominiums is called "leasehold" condos. This was established so as to give more options on using the land to institutions similar 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 size of the lease CANNOT be shorter than forty years OR more than 99. Additionally; the patrons do NOT really own this land, instead they only have a LEASE on it. For this and a few other reasons this type of apartment could be very rare.
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