If you’re planning to purchase or build either a bare land condo or a conventional condo, it’s important to know what type of condo it is, and if the required property report (RPR) is in place.
Bare Land Condo
A Bare Land Condo, also known as a sub-dividable single family home, is built on a bare lot. A Bare Land condo is determined by the size of the lot the building sits on. These condominiums can even resemble your typical neighborhood of single-family homes, townhomes, or even duplexes.
Most Bare Land Condos require a Real Property Report because owners of a Bare Land Condo own the land that the dwelling is located on, not just the interior of the unit.
A Conventional condo is a bare land condominium that has been subdivided into individual units.
A conventional condo has multiple units inside it, each unit having its own separate entrance and staircase leading up to that specific unit only. Apartment style condominiums are the best example of this.
An RPR is typically NOT required for a conventional condo, as the structure itself relies on a condominium plan. The Condominium Plan contains information such as the size and boundaries of the Condominium units, common property, the unit factors, and an illustration of the perimeter (boundaries) of the property.
If you are buying a condo, it’s important to know what type of condo it is and if a required RPR is needed. Not sure if your property is a conventional or bare land condo? Give us a call (403-277-1272) or send us an email (email@example.com). We are always happy to help.