Did you know
that a condo is a type of ownership and not a style of a home?
With a condo, you
own the interior wall and airspace but not the exterior wall or the land.
The exterior is considered common areas/elements which are assigned to your
unit. If you have a balcony, it is assigned to you but typically is maintained by the condo association.
Common areas like walkways and pool houses are part of the Master Deed, not the unit deed, and everyone has a right to shared access of these common areas.
The home owners association dues pay to maintain these areas.
Condominiums can look like townhouses, detached houses on land, garden apartments, mid rise or high rise buildings. The term condominium is misunderstood by most people. In fact, if you were to perform a Google.com search for the image of a condo, you would see high rise pictures dominate the page. This is misleading and confusing for purchases. The fact is, a condo is a form of ownership and can look like a single family detached house, a town house or apartment complex.
If you are looking for a condominium, be sure you are with a buyer's agent who understands what this from of ownership truly means. Many lenders won't provide financing for condos or will require at least a 20% down payment, so you will want to be sure you are conducting your home search with the right agent.
Annmarie Cristiani Sales Associate RE/MAX Traditions Real Estate www.househunter99.com (201) 815-7861 cell (201) 337-6600
This is a condo located in Lakewood NJ. Ownership of this unit includes the interior walls and airspace but not the roof or ground. Could you tell by looking at this picture? This is a condominium complex in Fort Lee. By just looking at it, you would not know if it was an apartment complex, condominiums or co-ops. Again, with a condominium, the owner does not own the land. Clarify with your agent if you are viewing a condominimum or a co-op.