Portland Condos. Many of my clients have asked me “what is the difference between a townhouse and a condo?” Sometimes it is hard to tell them apart especially when the Portland condo is a style of a townhouses but in actuality is legally a condominium.A condominium ownership means the owner owns their individual unit plus a percentage of the surrounding “common” property, including land and any amenities on the property. Condominium is a Latin word meaning common ownership. These owners are members of a HOA (homeowner’s association) and pay typically a monthly amount to the association for maintenance of the common area and such things as water, sewer and garbage. On the legal side each Portland condominium entity (complex) has a master plat (deed) filed with the State of Oregon which outlines the percentage of ownership each condo in the development owns in the entire complex. This is typically based on the square foot of the individual condos. That percentage of ownership determines the owner’s monthly dues to the HOA. A condominium really has nothing to do with the style of the building, etc. but more about the legal entity that is recorded with the state. Here in Portland where we have many lofts buildings such as Marshall-Wells Lofts, The Avenue Lofts and Streetcar Lofts even though they are described as lofts they are technically in the eyes of the State of Oregon condominium ownership.
Whereas if you own a Portland townhouse not only do you own the townhouse but also the ground underneath that townhouse. Portland townhouse owners also typically belong to a homeowners’ association and pay monthly fees for the maintenance of common outdoor areas. Townhouses typically come with such single-family home amenities as garages and small outdoor space for which owners generally are responsible for maintaining but unlike a single family home share a common wall with an adjourning unit.
In general many of our condos here in Portland are of condominium ownership even though they have the style of a townhouse with an outside entrance, 3 levels, private garage, etc. may even be referred to as attached housing on some of our RMLS listings but when it comes to financing and transfer of ownership it is actually a condominium and falls under different guidelines than ownership of the land underneath such as in a single family home. One of the wonderful things about owning a Portland condo is the common area responsibility is shared by many rather than an individual owner leaving more free time to pursue many of the wonderful activities one enjoys here in Portland or better yet gives you the freedom to lock your door without worries and take that fabulous trip!
Becky Scharf
It's really hard to determine and differentiate condos and townhouses especially if they are both identical. But thank you for your information, now I know what will I say once they ask me again about this topic.
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