The most common form of ownership is like owning a condominium. Each individual owner has obtained their own mortgage and holds the deed to their unit as well as an individual share of the common areas (facilities and outdoor areas). This the most typical structure for multi-family housing and banks understand it.
One of the simplest methods to set up the development is to incorporate as a standard corporation. This structure limits liability for members, is most flexible and is the most easily recognized by lending institutions. On completion of the development, the legal status will change to allow for individual home ownership.
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