Different Types Of Ownership And Its Importance

Determining the difference between an apartment and a house doesn't online depend on the structure as well as its physical appearance

. The difference is mostly determined on its legality, such as the type of ownership. Its importance is best seen in determining the difference between a condominium building and an apartment building.

Importance of ownership in determining a type of house

According to many philippine real estate experts, a building developed as a condominium could also be be built someplace else as an apartment building. This is due to the fact that both condominium and apartment are categorized as a multi-unit dwelling, in which each unit is vacated by an individual or a group of people. However, the difference between a condominium and an apartment is with its ownership. Condominiums are individually owned while apartments are leased or rented to tenants.

Housing tenure

The term that usually embodies the financial arrangements under which someone has the right to live in a house or apartment is known as housing tenure. There are many types of housing tenure, some of the most frequent are tenancy, which is referred to the type of ownership an individual have in an apartment, and owner occupancy. However, throughout the years, several new types of housing tenure were developed to determine a new type of ownership. These new types of housing tenure are:

Cooperative housing. This type of housing tenure is used to determine a type of residents, may it be an apartment or condominium, which was founded by a legal entity, such as a corporation. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease.

Condominium. Although considered as a type of owner occupancy, condominiums are also known as commonhold and strata title. According to many philippine real estate experts, this involves ownership to a single (or multiple) unit to an individual, while most areas such as hallways, elevators, and recreational areas, are jointly owned.

Public/Government housing. Another new type of housing tenure, public or government housing is a type of ownership in which a house or an apartment is owned by the government for the use of people. According to many philippine real estate experts, although the common goal of public housing is to provide affordable housing, the details, terminology, definitions of poverty and other criteria for allocation vary.

For more information visit to our site at http://www.atayala.com

by: Deirdre Gonzales

POST COMMENT

Office Chairs - An Indispensable Entity Of An Organisation Exclusive homes for sale at Sarasota Tips To Assist You In Getting Home Equity Loan Lowest Rate Repayment Terms Home Equity Loan Comparison: An Overview Of Home Equity Loans How to Save Money When Decorating Your Home Federal Debt Relief - How to Prevent Foreclosure on Your Home Protect our largest investment against all break downs with HMS Home Warranty Bus Shelters: Comfort Traveling at your Door Step Leaking Pipes Or Clogged Drains- Its Time To Call The London Plumbers Outdoor Dining Furniture: Put Your Patio Into Good Use Is Indoor Skin Tanning Really Safe? Garden Chairs, pleasant and comfortable Having A Homebase Work