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A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) ... In the U.S., this type of ownership is called fee simple. [56]
A "fee simple" is real property held without limit of time (i.e., permanently) under common law, whereas the highest possible form of ownership is a "fee simple absolute", which is without limitations on the land's use (such as qualifiers or conditions that disallow certain uses of the land or subject the vested interest to termination). [1]
Fee simple ownership is the absolute ownership of real property, in which the owner holds unconditional power over the land, as well as any improvements -- including buildings -- that sit on it.
However, new types of land ownership is generally disallowed, under the numerus clausus principle, unless they are introduced by legislation. [13] In most states, full ownership of land is known as fee simple, fee simple absolute, or fee. [14] Fee simple refers to a present interest in the land, which continues indefinitely into the future. [14]
A condominium or "condo" is a form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned. Use of land access to common facilities in the piece such as hallways, heating system, elevators, and exterior areas are executed under legal rights associated with ...
Is it easier to get a mortgage for a condo than a house? No. While the listing price of a condo may be lower, the requirements for securing a mortgage for one may be tougher.
Kauai Habitat for Humanity is also developing homes as part of the same projects for homebuyers who contribute group labor and will receive fee-simple ownership.
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. [1] Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property .