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Condos, Co-ops and Townhomes What's the Difference
Glenn Roberts | Ravenna Park | My Seattle | Lake & Co Real Estate
 
Condominiums, Co-ops and Townhouses
What’s the Difference?

I'll be meeting with a new referred buyer this Saturday and he said on the phone that he is looking for a condominium or a townhome on Capaitol Hill. It occurred to me that he may not know the important differences.
Although the terms are often confused, knowing the difference before you buy is an important discovery step before you make an offer on a home.Condominium is a legal term and most states have laws governing how they must be set up and certain special requirements for how property transfers take place. It is a term of legal ownership.A condominium may be formed as new construction or in a conversion from an apartment building or other building in to units which are sold and legally described separately. In each unit there is physical space and a certain extent of the property which is owned by individuals and there is also certain space and property owned by the community. Condos are generally managed by a Home Owners Association.  Members of the board are elected by the owners and they ... more

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