Thanks for the responses...here's the deal...As I understand it...a condo is where you own the interior walls of your unit and you own a share of the community's common areas. In a "land unit"--your "4 walls" are the lot's property lines plus 15 feet underground and 50 feet overhead. The land and everything on it are owned by the lot owner, but the association can dictate such things as what types of fencing (the one we're looking at says no chain-link, for instance), shutters, b-ball hoops--it depends on the by-laws of the community. I've read through the "by-laws" and it all seems acceptable--I just am curious about the pros and cons of such a contract. Somebody's got to be benefitting from this type of contract--I just want to know who--and what makes it more or less appealing to prospective buyers.
Any more thoughts?
BTW--we did put an offer in and we received a counter offer...so there is nothing to lose at this point if we decide not to go through with the purchase. We're getting the written counter offer on Monday, so we have a bit of time...
Thanks again for any and all comments.
