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.

Screenshot of a search where Townhouse is selected and Ownership options are available

Let’s look at what the different Ownership types represent.

Fee Simple

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.