Ownership Interest

Definition:

Identifies the rights to the use of real property to include the enjoyment and alienation of property to the exclusion of others.

Options:

Condominium: A person owns an individual unit within a multiple unit dwelling, but the members of the dwelling share in the costs, and maintenance of the common areas.

Cooperative: Housing where each tenant is a shareholder in a corporation that owns the building.

Fee Simple: Absolute ownership of real property.

Fractional: Several unrelated parties share in and mitigate the risk of the ownership of the property.

Ground Rent: Amount of money that is paid for the use of land when title to a property is held as a leasehold estate.

Land Lease: Permits the tenant to use a piece of land owned by the landlord in exchange for rent.

Timeshare: Ownership where individuals hold legal title to a particular property, each with the right of possession for a specified time interval.

Other: Any other Ownership Interest besides what is available in Bright.

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