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You can review your governing documents and determine exactly what you own.
Every set of governing documents that cover condominiums is different from every other set of governing documents.
Look in your governing documents for these definitions:
- Unit: Usually, an owner who buys a 'unit' owns 'everything from the paint/ skin/ studs' inward: there is a defined line of ownership.
- Limited Common Elements: These are set aside for the exclusive use of that unit owner. An example is: a deck, a balcony, a parking stall.
- Common Elements: Examples include, siding, doors, roofs, lawns, pool, club house, Golf course.
- Other: Your unique condominium community and property may include other elements that owners also 'own' in common with all other unit owners.
A unit owner owns the space contained with the boundaries of a unit. The governing documents are clear as to the location of the boundary: the paint, the studs, the drywall, etc. There is no standard.
Every other real estate asset (mail room, garden, walkway, yard) is owned in common -- in association -- with all other owners, depending on each unit owner's allocated interest in the property. These assets are defined as common areas or limited common areas.
A condominium is an apartment that is owned by the resident rather than a landlord.
Condominium ownership consists of a fee ownership in a unit and a proportionate interest of all the other common elements, including the land, in a condominium project. The owner can sell their unit with its common interest, and any assigned parking, as a bundle that cannot be separated. Any time the unit is sold the percentage of the common interest, and any other rights associated with that unit goes with it.
When you own a condominium unit you own that unit along with any appurtenances that are exclusive to that unit (patio, terrace, balcony, parking space, storage unit, etc.) and a percentage in all the common areas of the condominium project in fee simple. You own the right to the use of all facilities and amenities in common with all the other unit owners such as laundry room, pool, conservation areas, passive recreation areas, tennis courts, community rooms, etc.
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Is the land under the condo unit owned by the unit buyer or the condominium corporation?
Read your governing documents to determine what is owned by individual owners and what is owned by the association.
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 can you classify a owned condominium unit in a balance sheet?
If you own the unit outright, it would appear as an unencumbered asset, meaning that there would be no off-setting liability that represents a mortgage on the property.
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.
Can a condominium be classified as a single family dwelling?
No, a condominium is not classified as a single family dwelling. A single family dwelling is a standalone house on its own lot, while a condominium is a unit within a larger building or complex where owners also share common areas.
Who owns the huntington condominiums?
The ownership of the Huntington Condominiums would typically be divided among individual condo owners who have purchased and own individual units within the condominium complex. The overall management and maintenance of the property may be overseen by a condominium association that is comprised of the individual unit owners.
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.
Is an entry door to a condominium unit considered a common element?
It depends on your condominium governing documents, where you can find a list of assets owned as limited common elements, meaning assets owned in common for the benefit of a single or a single group of owners. Generally, in a high-rise condominium, for example, unit entry doors are considered limited common elements.
Do you own land when you own a condominium?
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:Does_a_townhouse_own_the_land_beneath_it_whereas_a_condominium_owners_own_only_the_unit_plus_a_part_of_shared_common_grounds_and_amenities
Does a townhouse own the land beneath it whereas a condominium owners own only the unit plus a part of shared common grounds and amenities?
Yes, typically the extent of the actual land owned in each is different.Generally, a townhouse is one of a row of attached dwellings that share common side walls. Therefore, a townhouse is an individually owned building attached in a row with other individually owned buildings. Each townhouse owner owns the land beneath that unit. To confuse the issue of townhouses, some condominiums are called townhouse condominiums. In that case the term refers to the style of the condominium buildings.A condominium unit owner owns a unit and a proportionate interest in all the land beneath the condominium community and the common areas based on the size of their unit. All the interests of all the unit owners would add up to 100%. That interest is expressed as, “Unit 201 including a .0987 percent interest in the common areas”.
Who is the owner of a condominium?
The titled owner for a condominium unit is the person(s) who owns the unit and may also include the name of a lender who holds title with the owner. The title is held in the local hall of records generally in the form of a deed.
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.
