Condominium- not a bad word

Owners of 2 unit style structures often resist the label of “condominium”.  Yet it’s the proper (and legal) term of ownership.

Definitions (used in our local real estate market):

Single family– 100% land ownership and a one family structure.  This designation applies to lot sizes large and small.

Duplex– 100% land ownership with a two family structure (one owner of the building).  If each unit is titled separately to 2 different owners, it becomes condo ownership.

Townhouse– a true townhouse has land ownership (like a city row home).  There are a few properties designated as fee simple town homes in Avalon (Golden town homes on 13th Street, 16th Street, and 80th Street for example).  The deed allocates a parcel of land specific to the structure.

Condominium– with a two unit structure (often side by side), each owner has an undivided 50% interest in the land.  A subdivision is not permitted, so the lot remains whole, and the two owners share land ownership.   Condominium documents (Master Deed and By Laws) are required and detail the shared expenses (condo fees) and basic rules.  Similar condo docs are used for larger complexes, too.   Condo fees- the master insurance policies (flood, liability, and fire) are shared 50/50. Likewise for weed control and/or landscaping.  Owners agree on any common area projects and share the cost.

Condominium– for larger buildings, the percentage of ownership may vary based on unit square footage.  Owners share expenses related to the complex, and any common amenities (elevator, pool, etc.).  The condo fees are more structured for bookkeeping purposes.

If you have any real estate questions, I am here to help!  ann@anndelaney.com

Thanks!