Multidwelling Property
A multidwelling property is a property that contains several households but only one mortgage. A typical example of this is an apartment building. However, it can also describe a property that has several houses for individual families but only carries one mortgage or property owner name. Most multidwelling properties are investment properties, and the owners do not live on the premises. They rent out the units to tenants and garner profits from the proceeds by either managing the property or having someone else manage it for them. The owner is responsible for maintenance, repairs, insurance and taxes on the property. A multidwelling property is not a condominium unit or co-op housing situation. In those situations, there are likely multiple mortgages and deeds on different parts of the same building. The taxes, insurance and upkeep on common areas is handled by a condo association or similar group receiving fees from condo owners.