Question: What Type Of Ownership Is A Condo?

What does fee simple mean in a deed?

An interest in land.

Land owned in fee simple is owned completely, without any limitations or conditions.

This type of unlimited estate is called absolute.

A fee simple is generally created when a deed gives the land with no conditions, usually using the words like “to John Doe” or “to John Doe and his heirs”..

Should seniors rent or buy a condo?

“But retirees should look at renting as an investment into a lifestyle. Renting can be cheaper than owning a home, and retirees can free up home equity to improve their life.” … They eliminate the mortgage payments and other ownership costs and can invest the equity.

What is a deeded condo?

In our condominium, we have assigned spaces. … The term “deeded parking spaces” has two forms: The space is classified as an individual unit with a separate percentage of ownership, or the space is assigned to a particular unit as a limited common element.

What type of ownership does a condominium owner hold?

The two most common types of real estate ownership are “Condominium” and “Fee Simple”. Here are the specific definitions for each: Condominium: The seller owns the interior of a unit but shares an ownership interest in the land and common areas with other owners in the building.

What two kinds of ownership do condo owners have?

In its modern usage, condominium refers to a form of housing involving two elements of ownership. The first is the living space itself, which may be held in common, in joint tenancy, or in any other form of ownership.

Why buying a condo is a bad idea?

Owning a condo harbors more financial obligation than single family homes and gives you more uncertainty when it comes to estimating unexpected expenses that you might incur. The best rule is to always overestimate your expenses when buying a condo for investment.

What is common ownership of property?

When parties own property as tenants in common it means that two or more people co-own a property in defined shares that they can dispose of as they wish. The shares owned by each tenant in common can be equal or unequal. For example, one person may own 99% of the shares with the other owning 1%.

Do you own the property in fee simple?

Fee simple is a term that refers to real estate or land ownership. The owner of the property has full and irrevocable ownership of the land and any buildings on that land. He is free to do whatever he wishes on the land subject to local zoning ordinances. Fee simple and fee simple absolute are the same thing.

Why you should never buy a condo?

Less Space and Flexibility. Another one of the reasons not to buy a condo is that you have less space and flexibility in how you use your place. Some condos offer owners extra storage space or possibly a basement, but you’ll still likely have a smaller, more compact living environment than you would in a house.

What is a condo owner responsible for?

A unit owner is usually made responsible for the maintenance of everything that is a part of his or her unit. So, for example, if a “unit” in your condominium complex is defined to include the exterior shutters on your windows, those will be your responsibility to maintain.

Is a condo fee simple ownership?

Definition of Fee Simple Fee simple is a legal term describing the most common and absolute type of property ownership. … Owners of single-family residences have fee simple ownership, but condo and many townhouse owners don’t, since they own only their individual unit, not the land on which the development is built.

What is fee owned property?

Definition of Fee Owned Property Fee Owned Property means a fee simple ownership interest in Real Estate. … Fee Owned Property means a fee simple ownership interest in Real Estate.

What does condo ownership mean?

A condominium is one of a group of housing units where the homeowners own their individual unit space, and all the dwellings share ownership of common use areas. … All the land in the condominium project is owned in common by all the homeowners.

Is a condo considered real property?

A condominium, often shortened to condo in the United States and in most Canadian provinces, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate. … Unlike apartments, which are leased by their tenants, condominium units are owned outright.

What are the 3 types of property?

In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).