You may 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 specific part of a real estate piece that is owned by an individual, and is often a transformed apartment. These normally embrace frequent areas like corridorways or out of doors patios and amenities. In this article we'll look at the totally different types of condos.

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

A normal apartment is made up of buildings subdivided into particular person units and in addition includes common features reminiscent of amenities and outdoor areas. With this type of a rental the owners must chip in for the expenses for repairs and upkeep of those widespread features.

A phased rental is more or less a standard apartment, however is instead developed in phases. This permits consumers to buy individual units from the developer earlier than the project is definitely finished; even if the project takes years more to complete. The person units MUST have everything they have to be self-sufficient complete in order for them to be sold.

The following subheading we'll discuss is the frequent elements condominium. In this selection there aren't any units; only common features which are connected to current parcels of land. The owners of this kind of apartment are chargeable for maintaining the common features of the complex. An example of this might be: when a gaggle of property owners wish to create a park; or maybe a small beach if it is near water, for their community exclusively. Then this same group of owners must chip in for the expenses 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 might be sold as units and due to this fact can 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 other main category of condominiums is called "leasehold" condos. This was established so as to give more options on using the land to institutions resembling hospitals or universities. With this, the land owner leases the related parcel of land to the declarant and establishes the condo. In this instance the size of the lease CANNOT be shorter than forty years OR more than 99. Also; the consumers do NOT really own this land, instead they only have a LEASE on it. For this and a few different reasons this type of apartment is very rare.

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