What is a Fee Simple Condo in Ohio?

Posted by Shanna on Nov 28, 2011 in Blog, Buying Real Estate, Commons Questions | 0 comments

Clients often are confused on the differences between a traditional condo and a fee simple condo.  So what is a fee simple condo in Ohio?

fee simple duplex in Worthington

A quick and dirty answer for homes in Ohio is that a fee simple condo owner owns the land under the condo, and a traditional condo owner just owns the interior space of the condo from drywall in, with the commons areas including parking lots, community rooms, and recreational areas are own by all residents.

To go a little deeper, a traditional condo owner is not responsible for any exterior maintenance, or exterior insurance because the condo association takes care of it, while a fee simple condo owner is typical responsible for all hazard insurance and outside repair/replacement.

Fee simple condos are a great way to have more control over your ownership, but can also be a hassle for owners who don’t want the maintenance and risk of a fee simple home.

Shanna Lafontaine is a Realtor with RE/MAX Affiliates who works the Dublin, Hilliard, Powell, Worthington, Westerville, Delaware and surrounding Columbus areas helping both Buyers and Sellers.