The type of condominium was separated into 2 essential classes: leasehold and freehold. The estate flat suites are additionally isolated into 4 essential sorts.
1 Leasehold Condominiums.
A leasehold condominium is produced by a proclaiming who just has the leasehold interest and the consent of the actual titleholder. A leasehold condominium is based on rented land. The constructor is not the real owner of the land. He has just conceded the authorization to develop condos.
The condos are in this manner are being built on rented land and accordingly, the owner of the land gets a normal lease from the condo owners. This price is generally absorbed into the regular maintenance costs acquired from the residents.
2 Freehold Condominiums.
All the condos that are not thought to be leasehold are known thought to be freehold condominiums. Here, the owners of the units are not bound to any rent. They are the freeholder of their units. Freehold condominiums are additionally partitioned into 4 sorts.
i. Standard Condominiums.
This is typically thought to be the conventional type of condominium. This may incorporate the customary is condos with units and basic components, for example, the drywall on the inside of the building or land on the outside.
ii. Phase condominium.
This is a type of standard condo that is being inherent in different stages. It can be thought to be a solitary complex with various units or normal components being added to it overtime frame.
The significantly preferred standpoint of this sort is that the designer of the unit owners require not to hold up until the whole venture has been finished. They can start and finish a stage and complete the deals until the second stage is prepared.
iii. Vacant land Condominiums.
These are Parcels where homes or different improvements Can be brought out after a condo has been registered on it.
iv. Common elements condominium.
This is the main sort where units are not considered. The primary factor considered in them is the normal components. The type of condo to be chosen would rely on the land utilized and the interest of the developer. Each land would be appropriate to create no less than one or a mix of some condominium types.