While both would be part of an HOA, with CCRs,
The concensus seems to be that a Condo is usually one level, whereas a Townhouse is two, three and even four levels.
The consistancy is that the land is not owned by the homeowner in either case.
Quite often, the Townhouse will have a GARAGE, because it is sitting on the land, whereas the Condo does not have a distinct garge; possibly a community garage.
And. No, there is not a huge difference in the "rules" but can vary from HOA to HOA.
In both cases, there are monthly HOA fees and the residents are subject to the CCRs.
This will impact the resale value.