The difference between a townhouse and a condominium

townhouse-condo_384A condo (condominium) owner owns the individual unit, plus a certain percentage of the associated property to include any land or property amenities often referred to as “common areas” in fact, condominium is Latin for the term “common ownership”. In most cases, condo owners are part of an association that manages the costs of the common areas of a condominium complex. These costs are referred to as maintenance fees and are usually shared among all the owners, payable on a monthly basis. Each condominium complex has a single master deed of which all unit owners are listed on it with a percentage of ownership outlined for each owner.

A townhouse (or townhome) owner owns the individual unit plus the land that is directly underneath the unit. A townhouse has its own roof and its own section of property. Like condo owners, townhouse owners usually have a homeowners association and monthly maintenance fees as there are common areas in a townhouse complex as well. Another major difference between townhouses and condos is the way they are deeded as each townhouse usually has its own deed of ownership.

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