Condo & Townhouse Q&A Series for Mooresville NC Real Estate

In years gone by, the typical homeowner purchased a single family home with a yard. Today, because of changes in lifestyles & the increase in prices in single family homes, many buyers may prefer not to own a traditional single family home. In response to the needs of these buyers, alternative forms of home ownership have evolved. Among the choices now available to home buyers are multifamily housing complexes containing townhouses & condominiums ( or condos).

This Q& A series will focus on frequently asked questions on the subject of purchasing & owning a townhome or a condo. A word of cation to my readers, though. Legal aspects of condo & townhome ownership are very complex and cannot be treated in detail in this series. So, if you are considering purchasing a condo or townhome in the Mooresville/Lake Norman area of North Carolina please be sure to get the advice of a Realtor and also to consult your attorney with any questions you may have! Now, let the discussion begin with the first topic "Purchasing a Condo or Townhome".

What is the difference between a condo and a townhouse?

Condo owners own the inside of their units while Townhouse owners own the complete unit, including the exterior surfaces and the land underneath the townhome.

Every condo or townhouse development also has "common areas" on the complex property. Common areas may be recreations areas, sidewalks, parking lots, etc.Condo owners share ownership of common areas with other owners, while common areas in townhouse developments are usually owned by the homeowners association for the benefit & use of each unit owner.

Are there any other legal differences between condos & townhouses?

The answer is YES! The creation, sale & management of condos are governed by both the Unit Ownership Act and the North Carolina Condominium Act (specific statutes). There are no specific statutes governing most townhouses. However, townhouse projects of more than 20 units and created after january 1, 1999 are covered by the Planned Community Act. So are certain developments which volunteer to be subject to all or a portion of the Act. Townhouses that fall outside the Planned Community Act are governed by the same general laws that govern single family homes. for this reason, developers are much more likely to plan and market townhouses. As a result their are far more townhouse than condominium projects in North Carolina including the Mooresville and Lake Norman areas.

Questions? Give me a call at 704-363-6946 or email me @ homes@thenaylorteam.com.  I'll be sure to get right back to you!