Elgin, St. Charles and East Dundee West Dundee real estate and homes for sale in Illinois - Tom Krebsbach
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Real Estate Tips

Titles >Holding Title to A Condo

With condominiums becoming increasingly popular among today's homebuyers, it is a good time to clarify the terms of ownership that seem to confuse many people. Condo-type residences most commonly fall into two categories - condominiums and townhouses.

A condominium is usually a multi-story structure. Each owner-resident has a deed of ownership for his own unit and owns the space within the unit, but not the land under the structure. Therefore, condo units can be stacked vertically. Condo owners share title to the common areas of the development, including land, exterior of buildings, hallways, roofs and swimming pools -- all areas used by all occupants. Each owner pays property taxes on their unit. Also, a monthly fee is paid to the homeowners' association that is used for managing and maintaining all common areas.

A townhouse, or town home community is usually a series of single- or two-story housing units, each linked to each other horizontally by common walls. Each owner hold title to their unit and the land beneath it, thus these units cannot be stacked vertically. Typically, a townhouse unit will be a two-story residence, with the living area downstairs and bedrooms upstairs. Common areas belonging to the townhouse development are owned jointly. Each townhouse owner pays property taxes and association fees.

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Real Estate Trivia

Q 
What building has been named the 21st Century Townhouse project?

A 
4 townhouse in Bowie, MD made of giant foam/board panels, concrete/styrofoam block frames, steel, and aerated concrete.
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Tom Krebsbach, REALTORŪ, real estate agent and broker for Elgin, St. Charles and East Dundee West Dundee, Illinois home listings, property and land for sale

Tom Krebsbach
Vintage Home Realty

162 South State Street
Elgin, IL 60123
847-622-8665
Fax: 847-622-0077
tomkrebsbach@BestImageAgent.com

My goal is to provide superior service to my clients, while demonstrating the highest level of personal integrity, creating financial security, giving back to my community and maintaining a balanced life.

ABR CRS ePro Equal Housing MLS REALTOR


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