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A man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facilities, recreation center, and grounds. What kind of property does on?

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If a man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facilities, recreation center, and grounds. Then he owns Condominium type of property.

A condominium is a large property complex comprised of individual units, and each unit is owned separately. Ownership usually includes a nonexclusive interest in certain "community property" controlled by the condominium management.

Condominium management is usually made up of a board of unit owners who oversees the daily operation of the complex, such as lawn maintenance and snow removal.

  • A condominium, or condo, is an individually owned unit in a complex or building of units.
  • A condo owner owns the air space inside their condo, sharing an ownership interest in the community property, such as the floor, walls, sidewalks, stairwells, and exterior areas.
  • A general requirement of a condo owner is monthly payments to a condominium association that is in charge of property upkeep.
  • The main difference between an apartment and a condo is ownership; an apartment is generally rented and a condo is owned.
  • If major repairs are needed, condo owners may be assessed a special fee, in addition to their regular fees, to cover such costs.

Learn more about condominium here

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