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Term Definition

Also known as "townhouse", a type of home that's usually constructed as a two or three-story unit with a common wall or walls bordering the adjacent unit. The common form of ownership is similar to a condominium project in that the property owner not only owns his or her respective unit, but also an undivided interest in any common area. Townhome ownership sometimes differs from condominium ownership in that the townhome owner owns the physical structure rather than just the airspace between the walls, floor and ceiling. However, in many areas "townhome or townhouse" now refers to the physical style of the structure rather than the form of ownership.

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