I was asked a question today which made me do a little research. The question was; Is my home a TownHome or a Duplex?
The answer might be obvious to some but, what does distinguish each form of real estate?
A House:Usually taken to be a single family stand alone structure in which the ownership consists of the structure and the land it sits on. The owner is responsible for all the rights and obligations that come with the property including taxes and all maintenance.
A Duplex: A residential unit divided into two separate living units having a shared wall in common. A duplex can have a single owner living in one unit and renting out the other, or both units can be rentals. Regardless of the usage, the owner has the same rights and obligations as an owner of a "house".
A TownHome: has the same characteristics as a house in that the owner owns the unit and the land on which it sits; but it is not free-standing, so that the land on which it sits is restrictedto the front and back yards. Townhomes are connected side to side, and are usually two stories tall. A townhome may or may not be part of a Home owners association that controls areas shared in common.
A Condo:In a condo There is no "ownership" of the land surrounding or under the unit. Ownership is usually referred to as "wall to wall" There are areas shared in common by all owners such as stairways, hallways, pools, clubhouses etc.
As Real Estate professionals, I am asking opinions on these definitions I have gathered.
Any corrections? Additions? Comments?
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