Property Ownership
A Pennsylvania property described as a 'leasehold condominium' means:
AThe unit owner leases the unit from the association
BThe condominium land is leased from a ground lessor rather than owned in fee simple by the association/unit owners✓ Correct
CThe unit is available for rent only, not ownership
DThe unit owner holds their interest for a fixed term only
Explanation
A leasehold condominium is built on land that is leased rather than owned. Unit owners hold a condominium interest in the improvements but lease the land. When the ground lease expires, the unit owners' interests may terminate or revert. This structure requires careful analysis and affects financing and value.
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