The difference between small lot subdivision, townhome, and condo in LA is something I am often asked about. Below are some of the differences.
First, with condominiums and townhouses, the dwellings on a small lot subdivision do not share any common walls. Small lot homes are for smaller areas with compact building footprints ,reduced side yards and setbacks. They have street frontage and passage between buildings with open space.
Second, unlike condominiums and townhouses, the dwellings on a small lot subdivision do not share any common walls. Additionally, the owner of a home in the subdivision owns his or her individual home and also owns the land under that home. Furthermore,the owner of a home in the subdivision is not part of a homeowner’s association. Therefore, the owner makes all decisions with respect to his or her property. Sometimes there is a low monthly maintenance fee.
Third, with condominiums and townhomes, the owners of condominiums and townhomes own their individual units. They do not own the land under the units. They often share common walls. Also, they are usually part of a HOA. Typically, the owner of a condo owns only the interiors of the condo. Conversely, the owner of a townhome owns the land as well as the interiors plus any yard or deck. Additionally, condos may be on any floor of a structure.
Fourth, a townhouse is a architectural/physical/design description, and condo is a legal description that defines the common ownership of the land, buildings, and common areas. Almost all townhomes are condos. Also, townhomes have no other unit above or below them. In a townhouse, the owner is usually responsible for both the interior and exterior because everything on the land it’s built on is owned by the individual. A condo insurance policy is an HO-6, while townhome insurance is an HO-3.
In conclusion, as you can see there are differences when buying each type of property in California. Contact Caron Schwartz for all your real estate needs. http://www.caronschwartz.com 310-383-0831