Have you ever noticed there is not an option for condominium under Dwelling Type in Flexmls?
That’s because condominiums (or condos for short) is an ownership type, not dwelling type. Townhouse is an example of a dwelling type. Although a townhouse typically comes with an ownership type of fee simple, which means you own the structure and the land underneath your unit, a townhouse can have an ownership type of condo, which means you own a portion of the land that the multi-dwelling complex occupies. If there are 100 condos in the complex, each homeowner would probably own 1/100 of the land belonging to the complex.
Condos and townhouses might have the same look and feel, but the zoning and ownership type will set them apart. Also, it’s important to note that lenders treat loans differently for each of these dwelling types.
If you have a client, clarify their definition of a condo or select different property types. When selecting the townhouse option in Flexmls, remember some might be zoned as condos. You’ll want to check the tax records for zoning and property type.
Megan has been working in the real estate industry for over a decade. She specializes in helping new agents begin their journey. In her free time she enjoys reading, writing, dogs, and traveling.