Glossary of Terms
Condominium
A space referred to as a unit where the owner pays a mortgage directly to the lender.....title to his unit but the association owns the common elements.
Planned Community
The term "planned community" defines all developments other than condominiums....Planned communitites are also referred to as: homeowners associations, townhouse associations, property owners' associations and planned unti developers. The homeowner pays....home or townhouse directly to the lender. The owner holds title to the unit but the association owns the common elements.
Cooperative
Members or shareholders own stock in the cooperation that owns the entire building...units and the common area. Mortgage is paid by the association and the members have lease....their units.
