fee simple condo

(2) You may be a part of a subdivision that has very minimal restrictions, no common areas, no architectural control committee and no mandatory dues. As noted earlier, single-family homes are usually fee simple. If you are not clear about your ownership of a property, or have a question about your obligations as a homeowner, it would be wise to review the title documents with a real estate attorney before proceeding with your purchase. This free condo mortgage calculator shows the cost per month and the total cost over the life of the mortgage, including pmi, fees & interest. google_ad_client = "pub-1423445781837731"; If you, too, want to invest like the wealthiest in the world, we have a complete guide on what you need to take your first steps. Home » google_ad_channel ="1442881993"; The association may require a certain level of maintenance by each property owner and enforce subdivision rules. The entity holds title in fee simple and the residents are in effect shareholders. » Real Estate Ownership: Condominium or Fee Simple? feet of living space. Find out more by signing up below. Don't hesitate to ask questions! A condo association is formed to make decisions about the expenditures for repairs and handle administrative work to manage the common areas of the project. Fee Simple and Leasehold >> Click Here for Full Details on 2121 Ala Wai: 215 North King 215 North King Street: Downtown, Honolulu, Hawaii. Know the Rules in Fee Simple Ownership In a fee simple type of ownership, there are several possibilities with respect to the obligations of ownership: (1) The property may not be in a subdivision at all. Simply click here to receive your free guide. In most condo arrangements, condo fees follow a “per square foot” scheme. *By submitting your email you are agreeing to our Terms & Conditions. google_color_url = "1776c7"; About Makiki Condos if you love high-rise living, you should be looking in this neighborhood. Fee Simple Ownership In contrast to the condominium regime, you may own real estate by fee simple. Fee simple ownership is the absolute and unqualified legal title to real property, including both buildings and land. Unfortunately, this perception creates some confusion about real estate ownership . Fee Simple Ownership. Your condo fees will cover that. please contact the author directly. Compensation may impact where offers appear on our site but our editorial opinions are in no way affected by compensation. google_color_url = "1776c7"; Another course of action is to ask a real estate attorney to review the documents for you. When you own a condo as a leasehold owner, you own the structure indefinitely, as well as a percentage of the common areas, but you don't own the land below your home. An ownership type you see much less frequently, but closest to fee simple absolute, is fee simple defeasible. Privacy Policy. . Real Estate 101, Unrestricted rights to sell it at any price you wish, Unrestricted rental rights (as long as they comply with city and/or state regulations). Know the Rules in Condo Ownership If you are considering purchasing a condo, it is very important to read the condo documents carefully. Likewise, if they want to do construction in the garage right above your parking space, and the construction debris makes it impossible to park, you can do little because you don't actually own the parking space. When underwriters assess a potential loan, they rank single-family homes with fee simple ownership as "highest and best." The condo is clean and well cared for. It encompasses rights over the property/structures and rights to the land. If you are buying a condominium, you should read the condo documents carefully to understand how maintenance is divided between individual owners and the common budget. Fee Simple is recognized as the highest and very best form of ownership in Maui Real Estate .