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Here, owning the condo flat means being first-class property owner, registered in public real estate cadastre, like any other real estate, while a homeowner ass
by zajio1am 4y ago
Here, owning the condo flat means being first-class property owner, registered in public real estate cadastre, like any other real estate, while a homeowner association manages common/external parts of the building, it does not own them, and has limited authority to tasks strictly defined by law. It seems strange to me that condo ownership in US is so much weaker.
> They never owned their home. They owned a share in a compact that owned their home
That is pretty much housing cooperatives works here, while condos provides much higher legal certainty by registering members as individual flat owners.
- listenallyall 4y agoJust FYI, nobody else knows where your "here" is.
- refurb 4y agoThere are multiple options in the US, the one in the article is only one type. - you can own a “share” in a building where you have exclusive use of a part of it (tenancy in common in CA) - you can own a unit within a multi-unit building (the entire building be a defined piece of real estate) - you can own a legally separate unit that is a stand alone piece of real estate