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Condominium ownership implies that all owners own a share of the real estate assets that make up the association's holdings together with the unit assigned to the owner.
Commercial buildings may be condominiums. There may be commercial units within a condominium complex. As a business, however, the association is a corporation that may be for profit, not for profit or exist as an unincorporated association.
AnswerThat depends on how the condominium was set up in the Master Deed. A residential condominium typically contains only residential condominium units. Some condominium projects offer mixed use when they include some units for commercial use such as restaurants, offices or shops at street level with residential units on upper levels. Others are strictly dedicated to commercial use such as office buildings or industrial complexes. The use is clearly set forth in the Master Deed. Generally, if you own a residential condo unit you cannot use it for commercial purposes.
Wiki User
∙ 10y ago
Wiki User
∙ 10y agoit it really both but if you rent it it is not property if you baught it then it can be considerd as property
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Is a high rise condo considered commercial property?
Your answer depends on who's asking. If the only occupants of the building are residents, some may consider it a high-density, multi-family housing building. Given the limitations of some insurance databases, or municipal code books, the building may be considered commercial. If there are commercial enterprises -- say at street level -- with residences above, then the building is considered a mixed-use building.
Is a gravel driveway considered paved?
in a commercial property is gravel considered pavement?
Is a commercial bank considered a public place?
No,,,,,,,, its considered private property in Canada
Is a bed breakfast residential or commercial property?
A bed and breakfast should be considered commercial property. Residential property is classified as single home dwellings not for business use.
Is a Virginia condo parking lot considered public property?
No. If it is owned by the condominium it is private property. Access to it, and its usage can be controlled by the condo association. There is a lot misunderstanding in most people's minds, and a great deal of legal difference in terminology such as; 'public property,' 'public space,' 'open space,' 'space "to which the public is invited,"' etc., etc.. All have different interpretations and meanings under the law.
What is the use of commercial investment properties?
Gas stations, restaurants, convenience stores, and malls are all considered commercial properties. Commercial investment property is property that is solely used for business purposes.
If I file bankruptcy and I'm on the deed for my son's condo can they take the condo away?
Your interest in the condo will be considered part of your assets.
What is the annual property tax on a condo in new orleans, la that is priced at $280K?
The property tax on a condo in new orleans, la would be 4% of the value of the properrty
Is a deck attached to commercial rental property by the tenant considered a trade fixture?
No, it is considered a capital improvement to the real estate.
Are churches considered as residential or commercial property?
Churches are not commercial buildings because they are places of worship rather than business. Many churches own and run commercial enterprises, however, and those buildings may be considered commercial buildings.
Where can one find information on condo insurance?
Condo insurance can be purchased at the same places that sell homeowners insurance and will cover the costs of your property inside your condo and will pay for damages incurred.
Are hotels commercial property?
Yes unless the owner lives there, B&Bs for example are considered residential.
