As per Jay’s answer if a condo you own the unit itself but the land around the condo although you do have a share in it, that land ownership is shared by all of the other condo owners. Condo owners pay a monthly fee which covers maintenance for an.
There were many issues when it came to buying condos. did not do fiction, but I convinced [the bosses].” Being an advocate.
How Does A Reverse Mortgage Will I Get Preapproved For A Mortgage If you’re a homeowner over the age of 62 with substantial home equity, you can use a reverse mortgage to do the following: Convert the equity in your home into loan proceeds that you can use in a variety of ways, such as to pay for living expenses, improve your home, and live The GoodLife in Retirement.
The general rule of thumb: If you purchase a condo, you own just the inside of the building. If you purchase a townhouse, you might own the property outside as well per the bylaws of your.
Consider this scenario. You’re an owner of a single-family house want to add blown-in cellulose insulation in your home’s exterior walls. What kind of permission do you need? Other than contacting their local municipalities about pulling a permit, you’re free to call the insulation guys and begin right away.
In a condominium (commonly known as a condo) some parts – your residence – are owned privately, while others – common areas – are owned collectively by all of the condominium’s residents. A less technical way to think of a condo is an apartment that you own.
Buying & Selling Condos or Co-ops By Ilona Bray , J.D., University of Washington Law School Whether you’re buying or selling a condo or co-op, you’ll have to do your research and take into account factors that you wouldn’t have in a "normal" home-sale transaction.
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Condos and townhouses share a few common qualities. With both, you have some ownership over the property, but you’re not responsible for every single aspect of residence, like trash collection for instance. The most notable difference between a townhouse and a condo is that the owner of a condo only owns the interior of her unit.
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When you buy a condo, on the other hand, you own real property and a deed, pay your property-tax bills directly to the city and pay a monthly common charge that’s lower than a co-op maintenance.