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Fountain Hills Condos and Townhomes

Today, there are 1410 townhomes and condominiums listed on the Arizona Regional Multiple Listing Service (ARMLS). Forty-five are located in Fountain Hills along with 16 patio homes.

Many people do not know the difference between the various legal and marketing names attached to property types and real estate agents have listed properties in ways that don’t necessarily correlate with the true legal definitions. In fact, on the ARMLS, condominiums are listed under the heading of Townhome. That is just one good reason to have an experienced, licensed Realtor® working on your behalf and helping you understand the property type in the transaction.

An owner of a townhome owns the land below and the airspace above the unit as well as a percentage of ownership of common areas. Typically, townhomes share common walls on either side and are two or more stories in height, although that is not a requirement. A townhome can be mortgaged like any other parcel of real estate and real estate taxes are assessed and collected on each unit as an individual property.

An owner of a condominium owns the property from the exterior walls inward. There is no ownership of land below or airspace above the “condo” unit. Typically, the owner of the condo also holds a proportional share of the common area and while usually not attached to the owned property, there can be assigned parking that is outlined in the ownership documents. A condo unit, like a townhome, can be mortgaged and real estate taxes are assessed and collected on each unit as an individual property.

Patio homes are much like townhomes except they often are built as free-standing homes and do not share common walls with other units. They are usually built close together.

A single-family detached home is the description of structure usually occupied by just one household or family and consists of one dwelling unit. In some jurisdictions allowances are made for basement suites, “in-law quarters” or “casitas” without changing the description from “single family”. It does exclude, however, any short-term accommodations (hotel, motels, inns), large-scale rentals (apartments) or condominiums. Detached simply means that the building does not share an inside wall with any other dwelling.

It is the responsibility of the buyer to verify all details of a real estate transaction and for purposes of insurance coverage and other issues of significance, the buyer must understand exactly what property type is being purchased. The descriptions above are general, informational guidelines and a real estate attorney should be consulted if there are questions pertaining to a specific property or transaction. The legal definition of any property type varies depending on the location and the specific deed restrictions of the property.

 John Eberle is a licensed Realtor® with the Artisan Real Estate Group, focusing on home sales in Fountain Hills, Arizona. For information on buying a home or selling a home in Fountain Hills, call John at 602 550 1474.

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