Fan us on Facebook Join our Network
Follow us on Twitter Subscribe to our Channel

Enter your email address:

Delivered by FeedBurner

Property Type Definitions

by Nicole Pappalardo

Source: www.realestateabc.com/glossary

Condominium

A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.

Cooperative (co-op)

A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.

Planned unit development (PUD)

A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. Contrast with condominium, where an individual actually owns the airspace of his unit, but the buildings and common areas are owned jointly with the others in the development or association.

Source: www.realestatewords.com

Duplex

A single-building improvement which is divided and provides two units which serve as homes to two families.

Townhouse

A house in a row of usually the same or similar design with common side walls or with a very narrow space between adjacent side walls.

Single-Family Home

A dwelling designed for occupancy by one household only.

Manufactured Homes

A popular broad group of alternative housing construction types such as mobile homes which are produced mainly in and by factories and later moved to permanent sites.

Modular Housing

A system used for the construction of factory-built homes and other improvements to real property that comply with local building codes, using very little labor through the on-site assembly of component parts or modules that have been mass produced at another location.

Mobile Home

A standardized manufactured home structure designed and equipped to be not more than two dwelling units to be used with or without a foundation system and which is entirely constructed in a factory and then transported to the site in one or more sections.

Multi-Family Structure

A residential dwelling usually with two or more household units.

General Disclaimer

CCAR does not guarantee the reliability or quality of any of the products, links, software, or hardware of the vendors mentioned in CCAR Help Blog articles. Nor do we have a vested interest in any of those entities whatsoever. You hereby acknowledge that any reliance upon or use of any of the aforementioned shall be at your sole risk. CCAR reserves the right, in its sole discretion and without any obligation, to make improvements to, or correct any error or omissions in any portion of the information presented on this site.

Share and Enjoy:
  • Print this article!
  • Digg
  • del.icio.us
  • Facebook
  • Google Bookmarks
  • FriendFeed
  • LinkedIn
  • StumbleUpon

Comments are closed.