There are three types of common interest communities in the state of Minnesota – each valuable in its own way. In this article, we are going to discuss these three types of common interest communities that exist in Minnesota and when to consider each.
Common Interest Communities
Common interest communities are split into three different types in the state of Minnesota. Listed below are the three common interest communities in Minnesota:
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Condominiums. A condominium is a structure that is subdivided horizontally and vertically so that a party may purchase a smaller section of a larger building.
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Planned Communities. A planned community is a collection of lots that are grouped together and governed by documents that define how they can be used and developed.
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Co-Operatives. A co-operative is a commercial real estate development that typically is not sold as separate units.
There are benefits and drawbacks to each of these community interest property types. An experienced title insurance company can answer any questions you might have about these types of common interest communities.
Contact the Experts at Commercial Partners Title Company
Reach out to the experts at Commercial Partners Title Company to learn more about the commercial title insurance process. Our team of experts is here to help you jump through all the necessary hoops on the way to the closing table. We have a combined 200 years of experience among our team members and can make sure you are equipped with all the knowledge you need to execute a successful commercial real estate transaction. We are known throughout the commercial title industry as the experts in commercial transactions. You can rest assured that your transaction is in good hands when you partner with us!