Condo, townhouse. Townhouse, condo. Are these terms interchangeable? Or does each represent entirely different modes of living space?

The North Carolina Real Estate Commission has the answer we're looking for. 

Condo - The owners of condos own the inside of their units.

TownhouseThe owners of townhouses own the whole unit, which includes exterior surfaces and even the land on which the townhouse rests.

While specifications on owning these two types of properties differ on paper, every condo and townhouse community has what are known as common areas (such as parking lots, recreation areas, sidewalks, etc.). But the legal relationship between an owner of a condo or townhouse and these common areas are different. Those who own condos have a shared ownership with other condo owners of the common areas, whereas common areas in a townhouse development are there for the use and benefit of unit owners, but are most often owned by a homeowners' association.

If you're interested in learning more about these multifamily properties and are looking to make a purchase in the near future, contact Masha Halpern. Masha has immense experience in dealing with multifamily residential properties and is more than capable of helping you find what you need!

 

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Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel HillDurhamCarrboro and surrounding areas. Visit my website at www.TheSmartMoveTeam.com for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is Chapel Hil & Durham's EXCLUSIVE  member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price pointsMasha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.