Management and Organizational Studies 2277A/B Lecture Notes - Lecture 5: Housing Tenure, Fee Simple, Home House

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2277A/B
• Professor: Barry Hawn

Document Summary

Buying a house largest investment people will make. Many different types of homes you can own. Condominium: form of housing tenure and other real property. Fee simple - a specified part of a piece of real estate (usually of an apartment house) is individually owned. Co-ownership - use of land access to common facilities in the piece such as hallways, heating system, elevators, and exterior areas are executed under legal rights associated with the individual ownership. These rights are controlled by the association of owners that jointly represent ownership of the whole piece. If you own an apartment condo, what you legally own is the wall to the wall- not the actual building. Condo corp. owns the other space and gives you the right to use it common space . Pay a monthly condo fee plus a chores (i. e. cutting the grass, shoveling snow, cleaning the common areas and hallways) Often the condo corp. will also be.