0
You don't own any particular plot of land as an individual. You own a percentage interest in all the land in the condominium project along with all the other unit owners. That percentage is recited in the deed for each unit. You own a shared interest in the common areas and that includes the land.
Generally, a condominium is a distinct form of ownership in the U. S. (and other countries) whereby an individual owns a unit and shares joint ownership of the common areas with the other unit owners, which includes the land. In addition to owning your own unit of a condominium building in fee, you would also be part owner of the land upon which the condominium is constructed.
For example, a typical Massachusetts condominium deed would state: "Unit #2 of the Old Mill River Condominium together with a .05% interest in the common areas and facilities." That owner would own a .05% fee interest in the common areas along with the land encompassed by the condominium project. Similar language is used in other jurisdictions.
For a discussion of what you own when you own a condo unit in the State of Washington see the following:
http://www.ticorblog.com/blog/condo-or-co-op-whats-the-difference/
See also the following related question discussing the difference between condominium units and townhouse units:
Wiki User
∙ 8y ago
Wiki User
∙ 8y agoYes. A condominium unit owner owns the unit and a proportionate interest in all the land and common areas of the condominium community. This would be stated on the deed as "Unit 10 and a 2.564 % interest in the common areas".
Add your answer:
Earn +20 pts
What is the definition of condominium?
A condominium is ownership in common with others whereby multiple owners own separate units in a structure (or structures) and a proportionate interest in the land and common areas.
What do you own when you buy a condominium?
Read your governing documents to identify the border between what you own in your unit individually and what you own outside your unit in common with all owners.You may find that the border is 'the studs', 'the paint', 'the wallboard' and so forth.Every condominium is different from every other condominium in terms of who owns what.Another PerspectiveWhen you purchase your condominium the governing documents set forth the boundaries of your unit and the common areas. However, what you own in fee is your unit and a percentage interest in the common areas and the land that makes up the condominium parcel.
What's the difference between a townhouse and a condominium?
With a condominium, you own only the structure itself. With a townhome, you also own the yard surrounding your building.
Whats the difference between a condo and an apartment?
Always, you can own a condominium. And some condominiums are called apartments. You cannot always own an apartment. When you cannot own an apartment, it is not a condominium.
When was the Oceanquest Condominium declaration of condominium signed?
You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.
What is the declaration number for a condominium?
You may be referring to the filing number for a condominium declaration, which you can find in the local hall of records, the land-use office.
When you own a condominium are you responsible for the exterior of the residence or building?
Read your governing documents to determine who owns the outside of the condominium. Typically, the 'outside' is owned by the association, and of which you share ownership with all other owners. Ownership determines maintenance.
Can you sell a condo unit in NYS without condo declaration being recorded?
No, in New York State, you cannot sell a condo unit without the condo declaration being recorded. The condo declaration is a legal document that establishes the rights and obligations of condo owners and is necessary for the sale of the unit to occur. Recording the declaration protects the rights and interests of all parties involved in the condo transaction.
What is a bare land condominium?
Generally, bare land condominium is a term used in jurisdictions such as Alberta, Canada. A condominium plan is registered that subdivides bare land into separate smaller lots. A developer then constructs buildings on the parcels that may consist of multiple units or townhouse style units. The master lot is not common property as in a traditional condominium. There may or may not be common land included in the plans. In a bare land unit you buy the land and anything built on it. Many of the structural features such as roof, foundation, exterior walls, driveway, some landscaping, etc., must be maintained by the unit owner. Those obligations can be transferred to the condominium through by-laws. However, there can be much variation in bare land projects and you need to check the legal status of bare land condominiums in your particular jurisdiction and then review the particular project for details. If you contemplate a purchase you should be represented by an attorney who specializes in real estate and condominium law in your jurisdiction.
Why is there property tax to pay on a condominium when you do not own the outside?
First, you pay the tax on the real estate you own, which includes the unit that you own by yourself, and the remaining real estate assets -- the outside, the amenities and all the land in the community (usually) -- that you own in common with all other owners.
Can you own a condo fee simple?
Read the governing documents to understand the boundaries between what you totally own and what you own in common with all other owners. Often what you own totally is defined by 'from the paint in', from the studs in', from the wallboard in' and so forth.
How tall is a condo?
A condominium building may be as tall as local land-use allows.
