Ownership Options for Downsizing

Condominium and Townhome Housing

In condominium and townhome ownership residents hold the title to the unit in which they live, but common property such as halls, club house, parking garage and etc. are held jointly by all residents. A major difference between townhome and condominium ownership is that townhome residents own the land their unit occupies and condominium owners do not. Condominium residents own the land jointly. For both condominium and townhome owners, mortgages and taxes  (more…)