owner-occupied home
A residential space occupied by its owner and free of membership in a condominium association.
An owner-occupied home is an independent living space occupied by its owner, and not bound to the management or responsibility of any condominium association.
The resident owns the living space and occupies it as a home. Ownership by a landlord who lives elsewhere does not meet the owner-occupancy condition.
An owner-occupied unit governed by a condominium association is covered by residential condominium. The absence of that collective management responsibility distinguishes this independent home.
owner-occupied home Photos
Related definitions
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cooperative apartments
Multiunit housing in which tenants share a common stake in the whole property. -
residential condominium
Multi-unit housing with individually owned residences and jointly owned common spaces. -
senior condominium
Owner-occupied housing restricted to people of retirement age, excluding on-site medical-care facilities. -
settlement
A home established on an available or unoccupied site without legal pre-arrangement. -
time-share condominium
A residential unit shared by several owners, each with exclusive use during a designated recurring period.