Who owns the land a condo is built on?

With regular condominiums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in the case of a freehold condominium the owner owns the land and building and the corporation owns common shared roadways and amenities.

What is considered a common area in a condo?

An often-quoted definition of common area in a condo is: “In condominium projects, every element of the project is common area except for the improvements located within the interior, unfinished surfaces of a condominium’s perimeter walls, floors, and ceilings.”

What is considered common area in a condominium?

Do you ever actually own a condo?

Condos are individually sold units within a communal living complex. They often look just like apartment buildings. Unlike apartments, however, you own your private condo unit. All the common areas, like tennis courts, lounges or pools, are collectively owned by all the complex’s residents.

Townhouses are usually a series of single-story or multistory units that are linked to each other horizontally by common walls. Townhouse owners hold title to their units and the land beneath them, so townhouse units cannot be stacked on top of each other. As with condos, common areas are owned jointly by all townhouse owners.

Can a condominium be built on a ground lease?

In a few places, such as Hawaii, leasehold condominiums are permitted. In a leasehold condominium, the landowner leases the land to the condominium, or to individual unit owners, under a long-term ground lease. Upon the expiration of the ground lease, the condominium is dissolved and all occupants must leave the property. Hope this helps.

What are common areas of a condominium called?

All condo owners share title to common areas. Common areas include land, the exterior of buildings, hallways, roofs, swimming pools — any area used by multiple owners. Condominium owners pay property taxes on their individual units.

Who is responsible for maintaining a condo complex?

A property owners’ association usually manages the complex and collects fees from all condo owners in order to maintain common areas. Townhouses are usually a series of single-story or multistory units that are linked to each other horizontally by common walls.

Townhouses are usually a series of single-story or multistory units that are linked to each other horizontally by common walls. Townhouse owners hold title to their units and the land beneath them, so townhouse units cannot be stacked on top of each other. As with condos, common areas are owned jointly by all townhouse owners.

Is there an exclusive use common area in a condominium?

Many noncompliant members may not understand that their use of exclusive use common area is not unlimited.” And as the good folks at Redfin explain, “When living in a home or condominium that is restricted by CC&Rs, an owner gives up certain freedoms in order to be part of a shared community.

In a few places, such as Hawaii, leasehold condominiums are permitted. In a leasehold condominium, the landowner leases the land to the condominium, or to individual unit owners, under a long-term ground lease. Upon the expiration of the ground lease, the condominium is dissolved and all occupants must leave the property. Hope this helps.

A property owners’ association usually manages the complex and collects fees from all condo owners in order to maintain common areas. Townhouses are usually a series of single-story or multistory units that are linked to each other horizontally by common walls.