Housing and ownership types in the US
Single-family, condo, co-op and townhouse, and how two people can hold title together.
Applies to: United States. Reviewed 2026-09-25.
Key takeaways
- In a condo you own the unit and a share of the common elements.
- In a co-op you own shares in a corporation that owns the building, and the board approves buyers.
- How you take title (vesting) decides what happens if one of you dies.
Housing types
| Type | You own | Association |
|---|---|---|
| Single-family | House and lot | Sometimes an HOA |
| Townhouse | House and often its lot | Usually an HOA |
| Condo | The unit and a share of common elements | Condo association |
| Co-op | Shares with a proprietary lease | Co-op board |
- Joint tenancy with right of survivorship: the survivor takes the whole home.
- Tenancy in common: each owns a share that can be inherited.
- Tenancy by the entirety and community property exist only in some states.
If you do not live in the US
There is no general federal ban on foreign buyers, but some states restrict purchases of farmland or land near military sites by certain foreign buyers. Financing is often harder without a US credit history.
When the seller is a foreign person, the buyer must normally withhold part of the price as tax under FIRPTA.
Questions to ask
- How should we take title under our state's rules?
Red flags
- A co-op with strict rules on letting and financing that do not fit your plan.
Sources
- FIRPTA withholding (Internal Revenue Service)