Carnivore
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Yes, having lived in the panhandle of texas in a previous marriage taught me a lot about mineral rights and shockingly who actually owns them in that great state.
Being a military aviator made me keenly aware of air rights as I flew in places all over the world.
Being a residential appraiser has taught me that bankers make there own rules and they say that all residentials units are Fee Simple regardless of what you pinheaded appraisers say they actually are.
This is a good discussion. Condos by there very nature can only be a Fee simple if you own a undivided interest in the total land area.
Single family ATTACHED(commonly called a townhome by non-appraisers) are thought of as being fee simple because they actually own a parcel of land individually as opposed to an undivided interest in a larger parcel like condo.
Thats the best simple way to distinguish ownership rights when it comes to residential appraising and condos versus attached residential units. Always use the Deed if there is a Tax records/MLS contradiction.
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