It's quite different out here. The legal form of ownership of an SFR (Single Family Residence) is when one owns the land and the dwelling. The legal form of ownership of a Condo is when one does not own the land or the dwelling, only the airspace enclosed by the dwelling. With an Own-Your-Own Apartment, legally one owns the building in common with all other residents and the right to occupy a particular unit (this in an older form of ownership which one seldom sees today because there is no division of the tax bill, whereas with a condo designation each owner gets a separate tax bill. This is an important distinction in California because due to Prop 13, a change of ownership causes reassessment of the property for tax purposes).
What is the legal form of ownership where you are pertaining to physical SFRs built within gated communities with common areas and associations or don't you have this type of property?
Newly