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Are property rights associated with condominiums considered Fee Simple rights?
Wiki User
∙ 13y ago
Your condominium-savvy attorney practicing in your state can answer this question for your particular property.
(Your question may be based on some action you wish to take, in which case, you could ask another question about how to go about taking the action.)
The answer may vary from state to state.
For example, in Washington state, the developer owned the property, and submitted it to the provisions of the Washington State Condominium Act, and created the condominium community. Subsequently, each owner purchased an allocated interest in the property.
You can read more about the fee simple definitions of real estate ownership, below.
AnswerThe requirements for creating an estate in fee simple are simple: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership.Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium. By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, can promulgate rules and regulations and assess monthly maintenance fees, the ownership of a condominium unit is considered a fee simple estate.
Wiki User
∙ 13y ago
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