Owning one's home is a popular aspiration in Texas. But, homeownership can take many forms. In recent decades many homeowners in the Dallas-Fort Worth area have chosen to live in condominiums, townhouses, retirement communities, gated communities and other common interest housing arrangements.
While the various forms of common interest ownership differ, these arrangements have several key factors in common. Homeowners own their individual units or buildings, but share ownership of common areas and facilities. The homeowners are generally required to sign an agreement that sets forth their rights and obligations in the community. And, there is usually a condominium board, homeowners association or similar governing body elected by the homeowners.