Nationwide, the role of the real estate broker is being redefined to clarify the broker's representation, and also to make sure that adequate disclosure of property condition is made to a prospective buyer. The industry itself is also moving to make sure that the buyer is adequately represented. Click here for links to the Web sites of many state licensing agencies. Along with all of the other unit owners, you share ownership in the structure of the building, the ground the building is on, and the other parts of the property, such as sidewalks and landscaping, swimming pool and parking area. You can mortage or lease your ownership interest, subject to any restrictions in your deed.
All owners pay an assessment, usually monthly, to cover the expense of maintaining common areas.
Because land cost is shared by all property owners, this is an attractive form of ownership in areas where land costs are high, such as resorts. It also appeals to people who want the tax advantages of ownership, yet don't want the burden of outside maintenance of a detached home. Every state has its own requirements for a legally valid deed to property within the state. Generally, a deed states the names of the grantor and grantee, provides a legal description of the property conveyed and is signed by the grantor. This means that the deed is brought to the county recorder's office of the county where the property is located, so that it can be copied and made part of the public record.