They thought I don't know what happened today - but I do, I know today is my last day

There is a lot of confusion about the differences between condominiums and townhouses. They share many similarities, and this seems to be the source of this confusion. Even amongst real estate professionals we often hear more opinions than facts.

So, let's start by clarifying, condominiums or condos are a type of real estate ownership. A townhouse is an actual style of building.

A condominium is best described as "the concept of ownership of a single unit of air space within a multi-unit dwelling, along with co- ownership of any common amenities (recreation centers, pools, etc... ) and common areas of the structures and land among all unit owners."

Townhouses are generally attached structures of 2 or more stories with common walls. These are a version of the old "Brownstones or "Row Houses" made popular on the east coast.

Similarities:
Townhouse ownership means you own the structure along with any associated land. So the owner of a townhouse can have absolute ownership, like a single family home.

Here's where things get a little confusing. It is not unusual to have "condominium ownership" of a townhouse. In other words, the structure is a "townhouse" while the ownership is "condominium".

Differences:
Ownership and common areas are the primary differences between condos and townhouses. You can actually have absolute ownership of a townhouse as well as the land (yard) associated with it. In a Condominium you only own the "air-space" inside of your particular unit.

The owners of a condominium development each own an equal share of the "General Common Elements". This includes the structural elements of the building roof, walls, halls, clubhouse, pool, etc...

In a townhouse community, any common elements are deeded to the Home Owners Association (HOA). The townhouse owners are a part of the HOA but don't own an interest in these elements.

"Limited Common Elements" are where we see a departure between townhomes and condos. Limited Common Elements are only seen in condo ownership. These are things that are intended for the use on the individual unit owners. Parking spaces, garages, balconies and patios are examples of Limited Common Elements. Although these are owned by all of the unit owners, they are limited to the use of specific owner/s.

In a townhouse the balcony and garage are actually owned by the townhouse owner. The exception to this would be if a "townhouse" style home is owned as a "condominium".

Summary:
Both condos and townhouses are what is known as "Common Interest Communities". A "Common Interest Community" is one where common real estate is maintained through assessments and dues.

Because of the Common Interest Community designation, we see a lot of confusion. The easiest way to remember the differences is this, a condominium is a form of real estate ownership and a townhouse is an architectural style.

THEY DON'T THINK I KNOW WHAT IS HAPPENING TODAY - BUT I DO, WE ALL DO ...

She is a lively gal, a red head, well dressed, well nourished and has been a mom, once or more upon a time. She is one friendly character that combines fun and play and she is a really pleasant dog to spend time with. Feeling a little under the weather she just wanted to smooch and to know everything will be alright.

Dreaming that today will be a better day, bringing a loving new family and a safe home. Yes, we can only dream. Because without a foster or adopter, there will be no tomorrow for her.

NOT RESERVED - NALA WILL BE KILLED SHORTLY AT NYCACC IN MANHATTAN, NY

We are NOT the City Shelter to where pictures were taken. FOR MORE INFO ON THIS PET please contact:
Animal Care Centers of NYC (ACC) at (212) 788-4000
Ask for information about animal ID number Nala ID# 45732

Shelter contact information:
Phone number (212) 788-4000 (automated only)
Email adoption@nycacc.org
Addresses:
Brooklyn Shelter: 2336 Linden Boulevard Brooklyn, NY 11208
Manhattan Shelter: 326 East 110 St. New York, NY 10029


STATUS : - read comment for update from crossposter
Owning a condo is seen as a hybrid kind of ownership as it is not a traditional structure in property ownership. There are some characteristics that can help in the definition of ownership of condominiums. An individually owned unit is the space that is within the boundaries that have been specified. This can include multiple rooms as well as interior wall that divides different rooms in that specific unit. It also includes storage areas and balconies. The unit is airspace without land, but is still considered real estate.

Common areas

Common areas are the other parts of such a property. This is the area that all unit owners share. This includes roof, lobbies, halls, foundation, floors, elevators, ceilings and basement and so on. Others are installations like water, gas, electricity and heating. There are other areas such as the parking lots, swimming pool and so on, which are also a part of the common areas that are shared by the unit owners.

Property interest

Property interest in the property is conveyed through deed. The owner can sell his interest if he wills to do so. Just like other kinds of property, an individual can hold ownership, or by two or more than two individuals, by a wife and a husband or business entity.

Taxes

Just as is the case with other kinds of properties, the condo unit owners have to part with property taxes as required by law. Every unit and the interest in common areas are usually deemed as a package and is taxed and assessed at an individual level. Common areas aren't assessed and taxed separately. The owner is responsible for the taxes within their own parcel.

Associations

Usually, condominiums or unit owners associations are established when the condos are created so as to make sure that all the owners are able to maintain and manage the entire property as a team. Usually, a property manager from outside is assigned so as to deal with all the developments and property management. There are some developments that have homeowners association and condo association where they have responsibilities for different aspects relating to managing the developments as well as its maintenance.

There are governing documents that are created so as to offer guidance on how associations are supposed to operate. They also include some rules that all the tenants, owners and guests need to adhere to. These are the legal documents that can specify anything, including the kind of pets allowed and the consequences of breaking any of the set rules. Some of the consequences can include a lawsuit, forced compliance and even fines.

Monthly dues

The association receives dues on different times of the year and this is the responsibility of the unit owners. These dues cover the maintenance and the management expenses. Usually, the dues cover variable and fixed expenses like taxes, pool maintenance, landscaping, garbage removal, building insurance and also something to add to the reserve fund. If the money in a reserve fund isn't enough, then special assessment can be charged to owners so as to handle the special improvements and projects like furnace and roof repairs and so on.

Twin vew condo can offer you the best experience with condominiums. If you want to enjoy your own space in an enclosed unit, then a condominium is an ideal choice. You will have access to common areas shared with other unit owners.

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