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What are the two types of condo ownership?

Types of inium Ownership Structures: Freehold iniums: Freehold iniums are the most common type of inium ownership structure. Leasehold iniums: Leasehold iniums are less common than freehold iniums. Common Elements iniums: Vacant Land iniums:

What do you really own with a condo?

A condo (short for inium) is basically an apartment that you own. Everything inside your space is yours, and everything outside of it--like the walkways, fences, pools, any kind of landscaping, hallways, stairs, and laundry room--is owned and taken care of by a homeowners association (the HOA).

Who is the owner of a condo?

With regular iniums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in the case of a freehold inium the owner owns the land and building and the corporation owns common shared roadways and amenities.

When you buy a condo, is it yours forever?

If you choose lifetime ownership, then the condo will be yours for life and your estate will own it after your death. Contractual ownership is different. This will state that you would only own the unit for a certain number of years. This may happen when the developer does not own the land.

Who is the owner of a condo unit?

A condo owner owns the space inside their condo and shares ownership interest in the community property, such as the floor, stairwells, and exterior areas. A general requirement of ownership is monthly payments to the inium association in charge of property upkeep.