Types of Condos

Unlike a condo, co-ops are are owned by a corporation. This means, when you buy an apartment that is in a co-op building, you are not actually buying real property (like you would in a condo). You are in fact, buying shares of the corporation.

A condominium, often shortened to condo, is a type of real estate divided into several units that are each separately owned, surrounded by common areas jointly owned.

Land Condominiums: A Creative Way to Convey Property Without Subdivision. Find out more about this topic, read articles and blogs or research legal issues, cases, and codes on FindLaw.com.

Condo is a legal form of ownership, whereas townhouse, duplex and multi-family homes are are architectural names and common names for unit construction, style and type. All of these types can legally be classified as a condo development; otherwise the other common form of legal ownership is called "fee simple"; estate.

Detached condos give buyers the single-family homes they want but also often eliminate exterior maintenance chores, just as with traditional condo communities. Detached Condo Maintenance The extent of ownership of a detached condominium varies but doesn't ever include the building's lot.

Let’s start with condo and townhouse definitions. What is a condominium? A condominium, or condo, is a building or community of buildings in which units are owned by individuals, rather than a landlord. What is a townhome? A townhome is defined as conjoined units that are owned by individual tenants. They are architecturally similar to row houses in that owners usually share at least one or more walls.