Summary of Residential Real Estate Types and Regulations

Types of Residential Property

• Single-family Residences: Predominant in the market.
• Vacation Properties: Secondary homes for leisure.
• Townhouses: Attached residential units.
• Condominiums: Individually owned units within shared buildings.
• Apartment Buildings: Multi-family dwellings for rent.
• Manufactured Homes: Mobile or prefabricated housing.

Habitation Approval

• All residential properties must be approved for habitation.
• Examples that do not qualify: movie theaters, etc.

Case Study - Residential Rita

• Assisting an elderly couple in selling their townhome.
• Transitioning to a smaller residence in a rural area.
• Emphasizes the importance of understanding the regulations governing habitable properties.