From Bob Bruss @ Inman News,

What is the difference between a condominium, cooperative apartment, tenancy in common (TIC), and a planned-unit development (PUD)?

As we will see, there are major differences between these types of “common interest developments.” Please be sure you fully understand the distinctions because your legal rights will vary depending on what type of unit you decide to buy.

• Condominiums are just airspace within the unit surfaces.

• A Planned Unit Development is a condominium variation

• Cooperative apartments are rare, except in New York, Florida, Georgia, California, Illinois and Washington, D.C

• Tenancy in common is jointly shared co-ownership.

Read the full article for descriptions of each one…

TIC and Condo Conversion resources [SFHomeBlog]

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