At ARMLS, we categorize condominiums as an Ownership type, but we realize that clients often use the word “Condo” as a generic description of a property type that could mean a number of different things. While the definition of a condo can sometimes be less than clear, Flexmls allows you to narrow your search by using both Dwelling AND Ownership Types.
Let’s look at what the different Ownership types represent.
Fee simple construes a landowner’s full ownership of a piece of land and all properties on that land. The only restrictions and limitations are local zoning regulations and ordinances. This is your highest form of ownership.
A condominium, or condo, is an individually owned unit within a building or complex of units. The land and un-purchased units are owned by an individual or corporation. Condominiums are not restricted to a specific style or type of dwelling.
A leasehold involves a lessee (tenant) agreeing to rent property from a lessor (owner). The property is rented for a contracted time in exchange for scheduled payments. The lessee does not own the land but owns the property for a fixed period. After this period, the ownership reverts to the landowner.
Purchasing a co-operative (cop-op) allows you to own a share of the property. A co-op can be a single-family residence or an entire complex where the corporation holds the deed to the property.
A timeshare describes a type of vacation real estate where several purchasers own allotted usage of the same property.