Quote:
Originally Posted by flamesfan1297
When you guys use the term "condo" what exactly does that refer too? Is it only called a condo if it has condo fees, or what defines something as being a condo? I just recently bought a townhouse, (no condo fees) I assume this would be classed as something else?
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This can depend.
Condo vs freehold is what you're referring to. This is a way of classifying property ownership.
Freehold townhouse means there is no common property and no condo corp. This is what you are describing. These are gaining popularity. Your house is connected to another house but there is a defined line of ownership between the adjoining properties. If your roof gets hail damage, you will each file your own claims for repairs.
Most older townhouse/row houses/semi detached, have a condo corp. Usually they have lower fees than apartment condos since there is no interior common space (hallways, elevators, parking garages etc).
Condos are one of those things that people use as a general term but often not in the correct technical way. You can have single family home condos, apartment condos or row housing condos (townhouse). Generally when John Q Public says "condo" they mean an apartment condo.
In condos it does not work this way. For condos, everything inside the walls is essentially yours and everything outside belongs to the condo corp. You do not own the land on which your condo is situated. If your condo roof gets hail damage, the condo corp files a claim on behalf of all unit owners. You only have content and liability for your unit.
A duplex is a bit different in that it is a style of home, but are pretty much always freehold. A duplex just means a two unit home that has separate heat/furnace/plumbing and separate entrances. They also have separate unit #s for civic address purposes.