Property Types & Ownership

20 terms - Different properties and ownership structures

Residential Property

Property designed primarily for people to live in.

Commercial Property

Property used for business activities, such as offices or retail stores.

Industrial Property

Property used for manufacturing production, storage, or distribution.

Agricultural Property

Land primarily used for farming or agricultural activities.

Vacant Land

Land without buildings or significant structures.

Detached House

A house that stand independently without sharing walls with another home.

Semi-Detached House

A house that shared one wall with another separate home.

Townhouse

A home that shares one or more walls with neighboring homes.

Condominium

A form of ownership where an individual owns a private unit and shares ownership of common elements.

Apartment

A self-contained residential unit within a larger building.

Duplex

A building containing two separate residential units.

Multi-Unit Property

A property containing multiple separate residential units.

Freehold Ownership

Ownership of a property and the land associated with it, subject to applicable rights and restrictions.

Leasehold Ownership

A right to occupy or use property for a specified period under a lease agreement.

Joint Tenancy

Co-ownership where surviving owners generally receive the deceased owner’s interest through the right of survivorship.

Tenancy in Common

Co-ownership where each owner holds a separate share that can generally be transferred or inherited

Easement

A legal right allowing someone to use part of another person’s property for a specific purpose.

Zoning

Municipal rules that determine how land and buildings can be used.

Property Tax

A tax charged by municipalities based on the assessed value of a property and applicable tax rates.

Common Elements

Shared areas or facilities in a condominium, such as hallways, elevators, and recreational spaces.