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do you own a condo

If you're in the market for a condo, you probably won't live there long. So buying with an eye on resale potential is critical.

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Condos and townhouses share a few common qualities. With both, you have some ownership over the property, but you’re not responsible for every single aspect of residence, like trash collection for instance. The most notable difference between a townhouse and a condo is that the owner of a condo only owns the interior of her unit.

Q: Someone resigned from the board of directors of our condo association in the middle of their. breached their duties under the governing documents. If you just think someone else could do a.

“We have a proprietary condo project approval process. “I will add that if you’ve got a development that’s already FHA or Fannie Mae approved, we will accept those in addition to our own RMF.

A condominium, which is like a hybrid between an apartment and a house, is property that you can purchase and own outright. A condo offers some similar aspects of apartment living. For instance, many condos are adjacent to others, so owners often share a wall and live in close proximity.

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When you buy a condo, on the other hand, you own real property and a deed, pay your property-tax bills directly to the city and pay a monthly common charge that’s lower than a co-op maintenance.

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But condos and co-ops do have downsides, such as restricting or limiting your ability to make structural. With a condo, you own and hold title to a single "unit.

Related Products. Basically, condo buyers will own the condominium unit itself, and what’s called an "interest" (along with all the other owners) in the "common elements" (sometimes called "common areas") of the condominium project. Just what the above terms mean depends on the details in the documents governing the condominium project, namely,

If you own a condominium, or plan to. For any other reason, 100 percent of the owners must vote to approve the change. "Do you think someone paying lower assessments is going to vote to pay higher.

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