14 Aug
“Landominium” is a term used to describe an instance in which, in a housing development, an owner has possession of both the unit and the land on which it is built. Usually, in condominium or developed neighborhoods, the land on which the building stands is owned by the developer. A landominium model expands on the traditional condominium one by bundling the land and the unit together. Homeowners still receive the benefits that the HOA offers, and a property manager still takes care of shared spaces and responsibilities like snow removal and garbage removal, but other responsibilities fall to the landowner. Some developers will even cover homeowner’s insurance for landominium owners.
Because ownership of a landominium is different than a condominium, the breakdown of common spaces within a community is often different as well. For example, a term that is common in landominium communities is “limited common space,” which refers to an area like a parking lot or a swimming pool designed for use by some of the units, but not all. In addition, any landominium sale where the owner will be subject to HOA fees comes with a resale package, which contains important disclosures from the HOA like covenants or restrictions it might impose. In most places, a potential owner has 15 days to back out of the sale if they are not happy with the terms of the resale package, or if they are not happy with the financial standing of the HOA.
The landominium model has proven especially popular among older homebuyers, who are looking for a smaller, lower maintenance home. They get the benefit of still being allowed to own and design their home the way that they would like, while still getting the benefits and assistance that an HOA can give them.
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