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In North Carolina, there are several different forms of real property.  Most people are familiar with a traditional single family home that sits on a defined lot in either a planned development or on a private tract of land.  Other people desire to live in a home with fewer maintenance requirements.  This can be either a townhouse or a condominium.

Town-homes are similar to free-standing single family homes but they are generally located side by side and sometimes include a small yard or patio.  Town-home owners also own the land beneath the townhouse which is sometimes referred to as the “footprint.”  There is almost always a homeowners association law that maintains the common area shared by all the town-home owners in the neighborhood.  The association may also provide insurance and/or maintenance for the outside of the buildings.  The assessments will vary depending on the services being provided and it is important for the owner to understand the details which will be spelled out in the restrictive covenants and bylaws for the association.

Condominiums are a relatively new form of real property ownership which were first built in the 1960s.  They often resemble town-homes from the outside but they are different in many ways.  Instead of owning the land, a condominium owner has an interest their individual space which was quite a revolutionary idea fifty years ago.  As opposed to owning the land beneath the building, the owner of a condominium owns an air space.  The specific ownership interest is defined in the governing documents and is generally from the finished interior surfaces and in.  The rest of the property, including the outside of the buildings, the land, and any amenities are considered common area and are owned jointly by every condominium owner in the development.  The assessments for condominium owners go toward maintenance of the common area.  Because the condominium association maintains much more property than an association in a typical planned community with single family homes, the assessments are often much higher.  On the other hand, the condominium owner’s personal household expenses can be much less than those for an owner of a single family home since the association maintains the building and provides insurance.  Again, it is important for the owner to carefully review the association’s governing documents to fully understand their rights and obligations.

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