Commonhold Flashcards
What is a key difference between commonhold and leasehold?
In commonhold, there is no time limit on ownership.
In commonhold, what do you own?
You own a unit as a freehold.
What types of properties can be owned under commonhold?
Residential and non-residential properties.
What are the two main components of commonhold?
Divided units and common parts.
True or False: Commonhold allows for ownership with a time limit.
False.
Fill in the blank: In commonhold, you own a unit as a _______.
freehold.
What can a unit holder be part of?
Commonhold association
A commonhold association is a type of property ownership structure in which individual unit holders share ownership of common areas.
Who owns the freehold of the common part?
Commonhold association
The commonhold association holds the freehold title for the common areas shared by all unit holders.
