A condominium is a type of ownership, usually in a multi-unit structure whereby the purchaser receives all of the following:
- Ownership title to a unit
- A proportionate interest in the common area (may have exclusive use of certain limited common areas)
- A condominium is considered a:
- Low-rise if the project has a maximum of four stories
- High-rise if the project has five for more stories.
- HOA – Insurance Policy covers the exterior of the building
- Clients need to purchase a H-06 Policy (condo/contents only)
A Planned Unit Development is a comprehensive development plan for a large land area. The dwelling may be attached or detached. The purchaser receives all of the following:
- Ownership title to a unit and a parcel of land immediately located beneath the dwelling
- A proportionate interest in the common area (may have exclusive use of certain limited common areas)
- Buyers need to purchase a full Home Owners/Hazard insurance Policy to cover exterior and interior of the property
- Most common example is a Fee Simple Town Home
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