Concept
Condominium
Related concepts (18)
Apartment
An apartment (American English), flat (British English, Indian English, South African English), or unit (Australian English) is a self-contained housing unit (a type of residential real estate) that occupies part of a building, generally on a single storey. There are many names for these overall buildings, see below. The housing tenure of apartments also varies considerably, from large-scale public housing, to owner occupancy within what is legally a condominium (strata title or commonhold), to tenants renting from a private landlord (see leasehold estate).
Leasehold estate
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given length of time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market.
Real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (eg. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. In terms of law, real is in relation to land property and is different from personal property while estate means the "interest" a person has in that land property.
Real property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, roads, and other things. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes.
Terraced house
A terrace or terraced house (UK) or townhouse (US) is an architectural term for a form of medium-density housing that first started in 16th century Europe with a row of joined houses sharing side walls. In the United States and Canada these are known as row houses or row homes, commonly found in older cities such as Philadelphia, Baltimore, and Toronto. Terrace housing can be found worldwide, though it is quite common in Europe and Latin America, and many examples can be found in the United Kingdom, United States, Canada, and Australia.
Renting
Renting, also known as hiring or letting, is an agreement where a payment is made for the use of a good, service or property owned by another over a fixed period of time. To maintain such an agreement, a rental agreement (or lease) is signed to establish the roles and expectations of both the tenant and landlord. There are many different types of leases. The type and terms of a lease are decided by the landlord and agreed upon by the renting tenant.
Single-family detached home
A single-family detached home, also called a single-detached dwelling, single-family residence (SFR) or separate house is a free-standing residential building. It is defined in opposition to a multi-family residential dwelling. A single detached dwelling contains only one dwelling unit and is completely separated by open space on all sides from any other structure, except its own garage or shed. The definition of this type of house may vary between legal jurisdictions or statistical agencies.
Homelessness
Homelessness or houselessness – also known as a state of being unhoused or unsheltered – is the condition of lacking stable, safe, and functional housing. The general category includes many disparate situations, including: living on the streets, also known as sleeping rough (primary homelessness) moving between temporary shelters, including houses of friends, family, and emergency accommodation (secondary homelessness) living in private boarding houses without a private bathroom or security of tenure (tertiary homelessness) having no permanent house or place to live safely Internally Displaced Persons, persons compelled to leave their places of domicile, who remain as refugees within their country's borders The rights of people suffering from the devastating effects of homelessness also vary from country to country.
Lease
A lease is a contractual arrangement calling for the user (referred to as the lessee) to pay the owner (referred to as the lessor) for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. Basically a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments.
Ground rent
As a legal term, ground rent specifically refers to regular payments made by a holder of a leasehold property to the freeholder or a superior leaseholder, as required under a lease. In this sense, a ground rent is created when a freehold piece of land is sold on a long lease or leases. The ground rent provides an income for the landowner. In economics, ground rent is a form of economic rent meaning all value accruing to titleholders as a result of the exclusive ownership of title privilege to location.