There are three types of real estate where the titles are referred to as “hybrid titles.” These three real pieces of real estate are condominiums, townhouses and cooperatives. What separates these types of properties from traditional single family dwellings is that they have an element of common ownership as well as individual ownership. The explanations that follow may help separating Las Vegas condominiums for sale from Las Vegas townhouses and coops for sale.
Condominiums; commonly referred to as condos:
- The owner of the individual condo unit only takes title to the unit only. The land beneath the unit is not included so by default, condos can be stacked one on top of another.
- Everyone who owns a condo in the building shares title all the areas called “common areas.” The common areas are the land on which the building sits; hallways, swimming pools, roofs, etc.
- A condo owner is responsible for the property taxes for his own unit; the association pays the property taxes for the balance of the area.
- An association manages the complex; fees are collected from all owners, the fees are used to maintain all the common areas.
Townhouses:
- Townhouses are not built vertically; they are a series of single or multi-story homes, linked by common walls in a horizontal plane.
- The owner of a townhouse owns the land on which it sits; this is why townhouses cannot be stacked as condos are. The common areas are owned jointly, the same as condo owners.
- A townhouse owner is responsible for the property taxes for his own unit.
- An association manages the townhouse complex; fees are collected from all owners, the fees are used to maintain all the common areas.
Cooperatives:
- If a building or residential, multi-family property is owned by a co-op, the title to everything is held by a corporation. Rather than buy an individual unit as is the case with condos and townhouses, the buyer owns stock in the corporation. As such, the buyers are seen in law as shareholders, not owners. As a shareholder, the individual leases his unit in perpetuity.
- Taxes are paid for by the corporation. If the building is mortgaged, the corporation holds the mortgage and pays it. The individual shareholders share in all the costs of running the building.
If you have Las Vegas condominiums for sale you are free to do so as is the case with a townhouse. If a shareholder of a co-op wishes to sell his share, the sale must be approved by the other shareholders.
The Martin has Los Vegas condominiums for sale. The units all have state-of-the –art appliances, full length picture windows and magnificent views of the Las Vegas strip.
