Types of Ownership
Below is a list of some of the different types of ownership with it comes to buying a home in Florida:
The owner, or estate holder, of a condominium only owns what is referred to as the “living unit”. The living unit is where the owner physically resides on the property. The roof, grounds, sidewalks, hallways, parking lots and driveways are owned by a Condominium Association. In exchange for upkeep and certain amenities, the homeowner pays dues or membership fees to the condominium association. While many condominiums are structured in similar ways, the term ‘condominium’ refers to the type of ownership, not how the building is constructed. A detached single-family building may also be a condominium.
Fee Simple Estate
The estate most commonly held by homeowners is the fee simple estate. In a fee simple estate, the owner or owners are entitled to the entire property and all the rights associated with holding that property. This means you can do anything with that property that is allowed by federal and state law, including selling it, mortgaging it, renting it, or giving it away. Depending on the locale, you are also usually allowed to build on the property, remodel it, or make improvements. You may also give away any portion of your rights over the land, timber, or other resources on the property. When a fee simple estate holder dies, the property may be passed onto their heirs.
A leaseholder estate is when the owner of a property decides to grant temporary rights over the property to another person; generally a tenant or renter. Leases are agreements between the owner and the tenant, and grant the tenant certain rights for a specific period of time. The owner also has the right to place certain restrictions on how the tenant may utilize the property or resources. A lease contract consists of the terms of rental and other promises made by both the owner and the tenant. A leasehold estate may also pass to the heirs of the estate property owner.
When it comes to getting a mortgage
you have more options than you think