Property Ownership Types

Property ownership types can vary based on the type of real estate and the legal structure of ownership. Knowing them prior to making a home purchase is key. Here are the key differences.

• Fee Simple (Freehold Ownership)
  • This is the most common and complete form of property ownership. The owner has full control over the land and structure, with the right to sell, lease, or pass it down to heirs.

• Condominium (Condo Ownership)
  • A condo owner owns their individual unit but shares ownership of common areas (hallways, pools, gyms) with other unit owners through a homeowners association (HOA), which manages maintenance and fees.

• Cooperative (Co-op Ownership)
  • Instead of owning the unit itself, co-op residents own shares in a corporation that owns the building. Shareholders have a proprietary lease for their specific unit and must adhere to co-op board rules.

• Townhouse Ownership
  • Townhouse owners typically own both the unit and the land beneath it (fee simple), but they may also be part of an HOA that governs shared elements like exterior maintenance and amenities.

• Leasehold Ownership
  • The owner holds a property for a fixed term (e.g., 99 years) but does not own the land, which remains under the control of a landlord or governing entity. The leaseholder may have restrictions on modifications and resale.

• Planned Unit Development (PUD)
  • Similar to a townhouse, but often includes a mix of single-family homes, condos, and townhomes with shared common spaces. Ownership typically includes the unit and land, with an HOA overseeing shared areas.

Contact me to learn more on how they impact real estate transactions?❓

🏠Roslyn Sibilia 📞732-995-5609 💻RSibilia@ERAcentral.com 💻 NJHomesbyRoslyn.com

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