FHA and the GSEs have different rules for the sale of a condominium versus a stand-alone single-family home. It does not matter if the condo is going to be used as a vacation time share property, a straight rental property, or even your private residence, the idea is that you should be able to sell it for more than you paid for it. The value of condominiums contains to rise as their popularity continues to grow.
This exists under various names depending on the jurisdiction, such as “unit title”, “sectional title”, ” commonhold “, “strata council”, or ” tenant-owner’s association “, “body corporate”, “Owners Corporation”, “condominium corporation” or “condominium association”.
Condominiums have plenty to offer in terms of amenities like basketball court, tennis courts, gardens, small ponds, children’s playground, Dog Park, cabana, car washing, athletic club, locker rooms, Jacuzzi, trails, children’s pool, swimming pools, fitness facilities, aerobics center, volleyball courts, multipurpose rooms, conference room, massage parlors, dry heat saunas, grocery stores, and much more.
An apartment house, office building, or other multiple-unit complex, the units of which are individually owned, each owner receiving a recordable deed to the individual unit purchased, including the right to sell, mortgage, etc., that unit and sharing in joint ownership of any common grounds, passageways, etc.
You can (if you’re still in the purchase process) get a copy of the relevant governing documents (condominium map and CC&R’s) from either your real estate agent, a real estate attorney, the title company handling the purchase transaction, or the real estate records in the county the condominium is located in. This article will address what to look for within them.