It’s possible you’ll well be acquainted with the type of housing known as a condominium, or «apartment,» however do you know what the term really means? It’s a particular part of a real estate piece that is owned by an individual, and is usually a transformed apartment. These usually embody widespread areas like corridorways or outside patios and amenities. In this article we’ll look at the different types of condos.
One explicit type is called a freehold condominium. Meaning the land the rental complex is constructed on is actually 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 can be row condos or low-rise condos or even high-rise condos. Different subcategories of freehold condos are: phased condos, normal condos, common factor condos and vacant land condos.
An ordinary condo is made up of buildings subdivided into individual units and in addition includes widespread features akin to amenities and outside areas. With this type of a rental the owners must chip in for the bills for repairs and upkeep of those widespread features.
A phased apartment is more or less a regular rental, however is instead developed in phases. This allows buyers to buy particular person units from the developer before the project is actually completed; even if the project takes years more to complete. The individual units MUST have everything they should be self-enough complete to ensure that them to be sold.
The following subheading we’ll discuss is the common elements condominium. In this variety there aren’t any units; only frequent options which are linked to present parcels of land. The owners of this kind of condo are chargeable for sustaining the common features of the complex. An instance of this might be: when a group of property owners wish 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 sustaining this amenity.
The final 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 will be sold as units and subsequently may be built upon by the new owner. With this type, the mixture of the home AND the land is considered to be the condominium unit.
The other main category of condominiums is called «leasehold» condos. This was established with a view to give more options on the usage of the land to institutions akin to hospitals or universities. With this, the land owner leases the relevant parcel of land to the declarant and establishes the condo. In this instance the length of the lease CANNOT be shorter than 40 years OR more than 99. Also; the buyers do NOT truly own this land, instead they only have a LEASE on it. For this and a few different reasons this type of rental could be very rare.
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