Levels of Ownership
1) FEE SIMPLE
“The largest, most complete bundle of rights one can hold in land and land ownership.” In Fee Simple ownership, typically the owner is responsible for maintenance of the exterior walls, roof, and yard.
“Individual ownership of a space of air plus undivided ownership of common areas.” Condominium ownership involves a monthly association fee which provides regular maintenance for the exterior of the structure and the yard.
3) PLANNED UNIT DEVELOPMENT (PUD)
“Individually owned lots and houses with community ownership of common areas.” Cluster home developments that feature parks, ball fields, swim and tennis fall under this category often. Usually, there is a yearly home owners association fee to ensure the upkeep of these areas.
**** In Greater Metro Atlanta, many variations of exterior structure upkeep and responsibilities exist. It is not uncommon for a fee simple structure to have a monthly association fee attached to it. Often, this fee is applied toward lawn upkeep and/or swim/tennis facilities. By no means should the above definitions be considered set in stone!