Fee Simple almost always means that you are responsible to pay for the exterior manintenance of your townhome. Although you will pay a monthly fee it generally only includes coverage of the common areas of the maintenance of the land upon which the townhome community is built upon.
Condomimium ownership generally means that all exterior maintenance is paid by the condominium Association to whom you pay a monthly or annual fee. You most likely would only need to insure your home from the inside walls and furniture...like a renters isurance.
Simply put, a Fee Simple Townhome means when the Home Owners Association tells you that your deck needs to be painted you must do it and pay for it out of pocket. Same goes for Roof and other exterior maintenance as prescribed by the homeowners Association.
It is highly advisable that you obtain a copy of the Condominium Documents from the seller or Homeowners Association as well as the latest financial statement for the community. Knowing how much money is in reserve along with projected long term community expenses is key to understanding if and when Homeowner association fees may or may not increase on a monthly basis
What it normally means when you are referring to condominiums is that the ownership of each unit is "fee simple" and each owner is responsible for maintaining their own unit...not the home owners/condo association.
the right of possession - the property is owned by whomever holds title;
the right of control - within the laws, the owner controls the use of the property;
the right of exclusion - others can be excluded from using or entering the property;
the right of enjoyment - the owner can enjoy the use of the property in any legal manner; and
the right of disposition - the title holder can sell, rent or transfer ownership or use of the property at will
Ownership of land is holding "title" to it. The evidence of that title is the deed. The seller executes a deed to transfer title to real property and the bundle of rights that go with it.
Condominium Ownerships share common walls or air rights within those walls regardless if your condo is Townhouse styled or a flat. The common areas outside your walls to include structures, facilities,etc. are not controlled by individuals owners as yourself, rather by an association of owners - with controlled being the key word here!
It's a great question though, that lots of buyers are reluctant to ask because of some confusions with this issue or the type of Condo/Townhouse they are attempting to purchase.
For more information on this and other FAQ's on buying a Home feel free to contact me direct or register for a free Buyer Guide at our website below. Call now @ 678-851-4463 or email: firstname.lastname@example.org
I hope this helps even more and I look forward to speaking with you soon.
and any improvements to the land. This is the highest form of ownership and the
feel simple owner has the right to possess, use and dispose of the land as he wishes,
sell it, give it away, lease it to others, or pass it to others upon death. It is fulll
A freehold estate is an estate involving ownership. There are two types of freehold estates - fee simple and life estate.
In a fee simple estate which means you have 100% ownership, there are four ways it can be held.
1. estate in severalty - sole ownership
2. tenancy in common - held by two or more persons. Each person has undivided interest in the whole property. All owners have equal rights.
3. joint tenancy - shared by two or more persons that must have equal and undivided interests.
4. tenancy by the entireties - an estate for husband and wife only.
A life estate is created when an owner of a fee simple estate conveys ownership to another, but only for the balance of the lifetime of the party to whom the property is conveyed.
Seek advice of a real estate lawyer in order to determine which type of estate you would like when owning a property.
Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL
The forms of ownership affect how real property may be re-conveyed later, so knowledge of the forms of ownership is important. Ownership interests, or estates, in real estate may exist in a number of ways.
1. A fee simple estate is absolute, unconditional ownership with freedom of disposition and is the highest level of interest recognized by law, subject only to government restrictions.
2. An estate on condition is limited by some condition requiring performance before an individual is granted absolute ownership.
3. A life estate is extended during the life of a person but terminates upon that personâ€™s death.
4. An estate in remainder indicates that the owner of the remainder interest in the property will enjoy the ownership only after another estate ends or at some time specified in the future.
5. In an estate for years (also known as a leasehold estate), an owner conveys interest in land to another person for a fixed or determinate period of time.