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| Residence constructed on individual lot | Unit in condominium development containing a number of units constructed on a tract of land |
| Ownership of the lot and improvements constructed upon the lot | Ownership of the space within the unit plus a percentage of the common areas located on the tract of land upon which the development is constructed |
| Has common walls with other residences | Has common walls with other residences |
| Able to obtain survey of the lot with the improvements shown | Cannot obtain survey except of entire condominium regime on the tract of land |
| Homeowner or hazard insurance may be written on the entire dwelling for coverage of all improvements, including roof, walls and personal property contained within | Exterior walls and roof of condominium development covered by blanket policy Owner must obtain separate policy for interior improvements and personal property contents |
| Homeowner is responsible for exterior maintenance of improvements of residence | Homeowner’s Association is responsible for exterior maintenance of improvements of condominium unit residence |
| Usually is a homeowner's association that assesses dues and special assessments for maintenance of commonly used improvements that are owned by the association for the benefit of all owners, such as pools, tennis courts and/or clubhouses | Is a homeowner's association that assesses dues and special assessments for maintenance of the common areas to include park areas, pools, tennis, courts, and similar amenities |
