Are condominiums considered commercial property?
Apartments, Condominiums, and Small Residential Care/Assisted Living Facilities. If a Group R-2 or R-4 is over three stories in height it is considered a commercial building and be required to comply with the commercial provisions of the energy code.
Can residential property be used as commercial?
If the zoning rules and the housing society management rules allow it, you can use or rent your residential property for commercial activity. Once a property is marked as commercial property, it would be treated as a commercial property for all purposes, which includes paying more as property tax.
What’s considered commercial property?
Commercial property is any non-residential property used for commercial profit-making purposes. Commercial real is a term that covers industrial properties, retail properties (from the corner store to shopping centres) offices and hotels.
Are commercial condos a good investment?
Any type of property, whether it’s commercial or residential, can be a good investment opportunity. For your money, commercial properties typically offer more financial reward than residential properties, such as rental apartments or single-family homes, but there also can be more risks.
What two kind of ownership do condo owners have?
The two most common types of real estate ownership are “Condominium” and “Fee Simple”. Here are the specific definitions for each: Condominium: The seller owns the interior of a unit but shares an ownership interest in the land and common areas with other owners in the building.
Is a condo owner a shareholder?
Many people confuse condominiums with cooperatives. If you own a condominium, your apartment and a percentage of the common areas (called the “common elements”) belong to you. A co-op owner — often called a shareholder — does not own the unit. In fact, you could call that person a tenant.
What does fee simple mean in a deed?
An interest in land. Land owned in fee simple is owned completely, without any limitations or conditions. This type of unlimited estate is called absolute. A fee simple is generally created when a deed gives the land with no conditions, usually using the words like “to John Doe” or “to John Doe and his heirs”.
What is simple ownership?
Definition and Examples of Fee Simple Ownership Fee simple ownership entitles a homeowner to full enjoyment of the property, including the land and any structures that may be erected on the land. It’s limited only by zoning laws, deed or subdivision restrictions, and covenants.
What is the difference between freehold and fee simple?
A freehold estate is an estate in which you have exclusive rights to enjoy the possession of a property for an undefined length of time. In contrast, a less than freehold estate is held for a fixed, defined period. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own.