Condominums have an exclusive fee interest in a unit and an undivided fee interest in a common area as shown on the recorded condominium plan.
Planned Unit (Residential) Development (PUD)
Owners in a PUD have an exclusive fee interest in a parcel of land and the structure constructed on it, with an undivided fee interest in a common area. Fee title to the common area is usually held by a homeowners’ association (HOA) of which individual lot owners must be members.
Community Apartment Project (“Own-Your-Own”)
Apartment owners have an undivided fee interest in the entire complex and an exclusive right to use/occupy a specific apartment or unit.
Stock Cooperative (co-op)
In stock cooperatives, the fee title to the entire complex is vested in a single entity (often a corporation); occupants occupy their respective unit or residence by virtue of a lease and also own stock. If no evidence of a leasehold interest is recorded, and the units have not been separately assessed, individual units cannot be insured.
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