Unit 6: Common Interest Ownership Types

PUDs (planned unit development)

-Detached home and townhome owners own both the structure and the land and have responsibility for shared common areas. -mixed use, with both residential and commercial in the same building or group of buildings

Vacation ownership

Buyers agree to a one-time purchase price and an annual maintenance fee.

What type of ownership is condominium ownership?

Fee simple

What type of ownership is timeshare estate

Fee simple Timeshare estates are pieces of real estate owned by multiple, unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit in one- to two-week intervals during the year.

Details of co-op ownership

Individual shareholders (unit owners/residents) don't own real estate, and don't receive a deed for the unit; instead, they own corporate shares, which are considered personal property. Unlike shares in a stock, however, owners can't just divest themselves of their shares.

Co-ops

Shareholders do not own any real estate, just shares in the corporation.

Timeshare use

doesn't convey ownership, but simply the right to occupy the property for one or two weeks a year, continuing for a specified number of years.

Advantages of Condo

Secure building Owner is not responsible for maintenance and upkeep

Disadvantage of Condo

Ownership dues

Timeshares

Ownership of property allows the purchaser to use it for periods of time during the year. there is multiple shared ownership or multiple shared use of a piece of real estate.

Retirement community with shopping, recreation—and, of course, the residential units

PUD (may be comprised of condominium buildings, detached homes, or townhomes)

Campground membership

The owner buys the right to use the developer's facilities and may use the designated area at any time during the year.

Condos

The owner owns a unit within the structure but no land

condominium-style units that typically consist of one to three bedrooms, multiple bathrooms, a full kitchen, and a living room(more than a hotel)

Timeshares

MUD(mixed-used development)

a high-rise development in the form of residential units above retail, entertainment, and commercial spaces. MUDs are convenient to shopping and mass transit and work well for people who want to reduce their reliance on cars.

What type of ownership is a Co-Op?

a non-profit cooperative corporation owns the land, buildings, and all rights and interests in the corporation.

Townhomes

the owner owns both the structure and the land