UNIT 3: HOME OWNERSHIP

multiple purchasers share ownership of a single property, usually a vacation home. Each owner is entitled to use the property for a certain period each year In addition to the purchase price, each owner pays an annual maintenance fee.

an allocation of money in the expectation of some benefit in the future.

This is a project or subdivision that consists of common property and improvements that are owned and maintained by an owners association for the benefit and use of the individual housing units within the project.

Also known as prefab or kit homes.

are constructed with large wall and roof components that are built in factories. The pieces are trucked from a factory to a building site and lifted into place with a crane.

that combine condominium or apartment living with shopping and recreation facilities either in one building or in a group of buildings are popular, especially in metropolitan areas close to a central city. These complexes usually are self-contained and include—along with housing—office space, retail stores, restaurants, theaters and other entertainment facilities, gyms, swimming pools, parks, concierge services, and other attractive and convenient features.

A Homeowner's Insurance Policy excludes:

Most homeowners purchase this to protect their real estate investment.

the stipulation that the homeowner must purchase insurance coverage equal to at least 80% of the replacement cost of the structure to be able to collect the full insured amount in the event of a loss.

are built in manufacturing plants and transported on permanent chassis to manufactured home dealerships and then to purchasers’ homesites, where they are connected to gas, water, and electricity.

sets rates and coverage limits, establishes eligibility requirements for flood insurance, and issues detailed Flood Insurance Rate Maps (FIRMs), establishing flood zones and rates for each participating community.

The difference between the mortgage owed on a property and the property’s current market value.

modifications to a homeowner's policy are made through these by an insurance company

are included in insurance policies to discourage the filing of a large number of small claims, which would take a significant amount of paperwork and expense to handle. i.e. The larger the deductible, the lower the premium.

owns not the unit itself but shares of stock in a type of corporation that holds title to the building. In return for stock in the corporation, owners receive a proprietary lease, which entitles them to occupancy of a particular unit in the building.

Shares party walls with other units and is a popular form of residential ownership, particularly for people who want the security of owning property but do not want the responsibilities of caring for and maintaining a house.

is a popular form of residential ownership, particularly for people who want the security of owning property but do not want the responsibilities of caring for and maintaining a house.

those parts of a condo complex that belong to all owners. With a few exceptions, they constitute everything except the units in which people live. Examples; walkways, grounds, lobbies, etc.

the profits realized from the sale or exchange of an asset, including real property.