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A condominium, or condo, is an individually owned residential unit in a complex or building of like units. Condo owners own their units but share common spaces, amenities, and other resources. They pay condo fees, which cover maintenance costs, amenities, and the upkeep of common spaces.
The difference between an HOA-run condo townhome and a PUD townhome is who owns the land on which the structure sits. In a condo situation, the association owns the land. In a PUD, the homeowner owns the land and is free to use the land more or less when and how they wish.
A condominium, often shortened to simply ?condo,? is a privately owned individual unit within a community of other units. In general, the owner usually owns the interior of their condo and the structural components of exterior walls.
A condex is a type of housing where two separate living units are built side-by-side and share a common wall. Each unit is owned separately, but the owners often share common spaces such as driveways, yards, and maintenance costs. This type of property is common in New Hampshire and other parts of the country.
Common Ownership Types of ?common interest community? include condominiums, planned communities and homeowners' associations and timeshares. Common interest properties are gaining in popularity as more people live in condos or use timeshares for vacations.
A condo, or condominium, is a privately held residential apartment in a tower or complex with other privately owned residential units. Condo owners share the common space and frequently pay association fees to keep the area, facilities, and other sharing of resources in good working order.
Tenancy in common is frequently the way property is held when siblings inherited their parents' property, or when business partners purchase a piece of real estate together. When multiple people own property as tenants in common, each owner may have a different percentage of ownership.