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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.
You need to review the deed for that particular unit but it is likely that the attached garage is not part of the common elements. Generally, ownership would be attached to the particular unit to which the garage is attached.
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.
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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 is the difference between a townhouse and a condominium?
A condominium is a single housing unit that is usually attached to other units within a larger complex with common walls and the owners only own the inside of an individual unit, whereas a townhouse is a unit of consecutive series of similar residential units that may or may not share common walls, with two or more levels and may have front and back yards of their own. . A condominium is a unit that is part of a larger building, most share one or more walls with others. A townhouse is usually a row of units that are identical. In some regions townhouse also means two-story.
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 is the difference between a duplex and a townhouse?
DuplexA duplex is a single structure which is owned in fee with two units that share a common wall. It can be owner occupied with multiple owners dwelling in the two units, one unit rented to tenants or both units can be rented.TownhouseThe ownership of a townhouse is a fee simple estate. Generally, a townhouse is one of a row of attached dwellings that share common walls. The term 'town home' is used in some regions. A townhouse is an individually owned attached building and the owner owns the land underneath. There are lot lines that separate the ground under the buildings even though the buildings are attached. The lots at the ends of those buildings generally contain more land. The exteriors of the buildings are owned by the townhouse owners. There may or may not be common areas set up by the developer.To confuse the average person who is not experienced with property law, some condominiums are called townhouses. In that case the term refers to the style of the condominium buildings.
What is townhouse?
A townhouse -- which is a style of building, is owed by a condominium association, which is a style of real estate ownership. Condominium associations own all the common elements in the real estate development, each owner holding a percentage of ownership that relates to his/her allocated interest. In addition, the owner owns title to a unit. In this case, the interior of the townhouse is the unit -- boundaries between individual and association ownership defined in CC&Rs -- which is titled to an owner, together with that percentage ownership of all common elements owned by the association.
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 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 condominium unit considered real property?
Yes, a condominium unit is considered real property because it consists of a physical structure and land, which are the defining characteristics of real property. Each individual owns an interest in the unit and common areas, which collectively form the condominium property.
Who pays for property insurance in a condominium?
In a condominium usually the board pays for property insurance on all common areas. An individual owner pays for 4 walls, the ceiling, the floor, the inside of the door, and everything in between.
Is a locker or storage in a condominium a common property or limited common property?
Read your governing documents to identify which definition applies to your particular locker or storage area. There is no standard.
What is the definition of condominium?
A condominium is ownership in common with others whereby multiple owners own separate units in a structure (or structures) and a proportionate interest in the land and common areas.
What is condo house?
This phrase describes a house that is owned by deed as a condominium, meaning that all owners in the association own a percentage of the total real estate assets, based on individual allocated interests.
