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What is the difference between condominium and single family house?
Wiki User
∙ 10y ago
Condominium real estate ownership is a particular form of ownership: every 'unit' owner owns a unit and also owns the remainder of the 'community' property in common with all other owners.
A 'unit' can be an apartment, a retail space, or a stand-alone building. It can be a boat slip, a warehouse unit and so forth. It can also be a single family home.
'Community' assets can be a high-rise building and its land, a series of multi-family buildings and the land upon which those buildings sit, a collection of amenities, such as a club house, a pool, a Golf-course, or the land upon which a single-family home sits.
Otherwise, a single family home is owned by an owner, who also owns the land upon which the house sits. The owner's name is the only name on the title in addition to whatever mortgage lender is involved, if any.
Wiki User
∙ 10y ago
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What is the difference between a condominium unit and a condominium phase?
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
Does FHA consider a condo a single family home?
No, FHA considers a condominium a condominium, and a single family home a single family home. The styles of legal ownership and title are different.
What is the legal difference between a hotel and a condominium resort?
Legally, a hotel is owned by a single owner and the property managed for the benefit of both the owner and guests. Each condominium unit is owned individually, and its association manages the business of the condominium.
What is the difference between a condominium and a home owners association?
Generally, a condominium is a collection of multi-family units and an HOA consists of single-family units. However, this generalization is not always exact. Both are ownership styles of real estate, where owners own individual units and own common areas in common with all other owners.
What is the difference between a condominium and an apartment?
The official difference is in ownership: an apartment is owned by a landlord who may also own other apartments in the same complex; a condominium is owned by a single owner and that ownership includes a percentage ownership in the community's common areas. A condominium may be in the style of an apartment, especially, in urban high-rise buildings.
Can a condominium be classified as a single family dwelling?
Maybe. Condominium is a form of real estate ownership. Each unit is owned individually, together with an allocated interest in all the real estate assets owned in common with all other owners. There are developments where a unit is a single family home.
Does an elevator which exclusively serves two separately owned apartments on the third floor of a three story condominium building provide service to a single family dwelling?
Your question is complex. First, the elevator serves owned apartments in a condominium building. Then the elevator may be known as a limited common element. Since the elevator serves both units, the location of the 'single family dwelling' is unclear. (Both apartments are condominium units; neither is commonly described as a 'single family dwelling'.)
Are beverages allowed at condominium pools in Florida?
There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..
What is a site condominium?
According to the State of Michigan's Condominium Buyer's Guide: "The term "site condominium" is used to describe a condominium development with single-family detached housing instead of two or more housing units in one structure." Other states may have different definitions.
What is considered a single family dwelling?
A single family dwelling is one designed to be occupied by a single family as opposed to, say, a condominium or apartment building which is expected to be occupied by two or more distinct families. The term refers to the building itself, not necessarily how it's used (some locations may have laws restricting the number of unrelated people who can live in a single family dwelling).
What is the difference between a single family residental house and a townhouse built as a condo?
Title to a single-family residential house includes the land upon which it is built, unless the land is leased, in which case, that fact is clearly stated in the deed. Title to any style of building that identifies it as a condominium means that there is a boundary that separates what the unit owner owns and what the association owns. Associations usually own exteriors, amenities, common areas and so forth, regardless of the style of the home. Associations are made up of multiple units. Condominium is a style or kind of real estate ownership. In fact, the continent of Antarctica is 'owned' under this model.
What is a Single family detached home?
A "single family detached home" is a house that isn't connected to any other houses, which is intended for one family to occupy. Which means: 1. Not a condominium 2. Not a duplex with a shared wall 3. Not an apartment building 4. No boarders or long-term tenants.
