Concepts And Responsibilities Of Home Ownership

Question 1

Single Family Home

Answer 1

Stand alone dwelling where owner owns house and land.

Question 2

Condominium

Answer 2

Ownership of a unit and partial ownership of the commons areas but not the land the condo sits on.

Question 3

Cooperatives

Answer 3

Ownership of the a part or share of the organization that owns the building and land. Usually is accompanied with an entitlement to one of the units.

Question 4

Townhouses

Answer 4

Ownership of the land and the home but also ownership of some common elements

Question 5

Planned Unit Development (PUD)

Answer 5

A development with single family dwellings where there is also ownership of some common elements ( pool, golf course, etc.). Operated by a HOA.