GLOSSARY

Interested in learning more about the terms surrounding reSpace and Co-Homewonership? Browse the reSpace glossary below to learn more… 

 

Co-Homeownership (reSpace model)

Definition: A form of shared real estate ownership in which multiple unrelated individuals purchase exclusive ownership of private suites within a single property, while co-owning and co-governing shared common areas. Suites are deeded, mortgageable, and individually sellable.

Key Traits:

  • True fee-simple ownership of a suite
  • Full-time occupancy
  • Shared governance (via HOA or LLC)
  • Individual resale rights with community input
  • HOA dues for shared services
Co-Housing

Definition: A planned community where residents own private homes and share communal facilities (e.g., kitchen, gardens, common house). Decisions are often made by consensus.

Key Traits:

  • Entire homes, not rooms/suites
  • Strong community governance
  • Usually organized as condos or separate houses

 

Co-op (Housing Cooperative)

Definition: A corporation owns the building; residents buy shares in the corporation, granting them a proprietary lease to occupy a unit.

Key Traits:

  • No individual property deed
  • Shareholder model
  • Approval is required for transfers
  • Limited financing options
Co-Living

Definition: A rental housing model where residents rent a furnished room and share common areas with others. Common in cities, popular with young professionals.

Key Traits:

  • Rental-based (no ownership)
  • Managed by an operator
  • Flexible lease terms
  • Often includes shared utilities/services
Fractional Ownership

Definition: Multiple buyers share ownership of a property, often vacation homes, and get usage rights for specific weeks/months per year.

Key Traits:

  • Time-based use
  • Typically fee-simple fractional interest
  • Often managed by a central entity
  • Usage rights ≠ full-time occupancy
Condo (Condominium)

Definition: Individual ownership of a unit in a multi-unit building with shared ownership of common areas.

Key Traits:

  • Fee-simple title to unit
  • HOA governance and dues
  • Shared maintenance of common areas
Micro-Housing

Definition: Very small, efficiently designed apartments with shared amenities. Typically rental or studio-style condo.

Key Traits:

  • Compact private units
  • Shared kitchens/lounges
  • Not always ownership-based

 

Joint Tenancy

Definition: A legal form of co-ownership where all owners share equal interest in the property, and rights of survivorship apply (interest passes automatically to remaining owners).

Key Traits:

  • Equal shares
  • Right of survivorship
  • Less flexibility for resale

 

Tenancy in Common (TIC)

Definition: Co-ownership where each owner holds an individual, undivided interest in the property. Shares can be unequal, and owners may sell their interest independently.

Key Traits:

  • Individual ownership of percentage
  • Separate financing possible (but complex)
  • No survivorship rights

 

Partnership

Definition: A business or legal entity jointly owned by two or more people, which may hold title to property. Less commonly used for residential living.

Key Traits:

  • Property owned by partnership
  • Legal agreement defines control and resale
  • May affect financing and exit flexibility

 

Fee Simple

Definition: The most complete form of property ownership, including full rights to sell, lease, or bequeath the property.

Key Traits:

  • Common in condos, single-family homes
  • Maximum ownership rights under law

 

Leasehold

Definition: Ownership of the structure but not the land. Land is leased for a long term (e.g., 99 years).

Key Traits:

  • Land leased, not owned
  • Ownership reverts after lease term
  • Lower value, limited financing

 

Ownership in Severalty

Definition: Sole ownership by a single individual or entity.

Key Traits:

  • One owner
  • Full control
  • No shared interest or obligations