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The plural form for the noun condominium is condominiums.
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The word condominium generally means sharing ownership with others. A condominium is legal arrangement whereby multiple owners share ownership of real property. A portion of t…he property in the form of units is individually owned and the rest of the property is owned in common with all the unit owners subject to the provisions of the Declaration that created the condominium and to the provisions of state law. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas. By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, can promulgate rules and regulations and assess monthly maintenance fees, the ownership of a condominium unit is considered a fee simple estate.
The recorded instrument that is sometimes called a Declaration ofCondominium is the legal document that actually creates acondominium development under relevant state law. I…n Massachusetts it is called a Master Deed. A master deed submitsthe real property and the buildings to the statutory provisionsthat govern condominiums, divides a single property intoindividually owned units, includes restrictions and rules andregulations and provides for ownership of common areas.
You buy one. Or you might inherit one. Or you might receive one in trade. In any event, in order to own a condominium, the deed to the real estate must be in your n…ame.
It all depends on the location of the condominium. In some states, areas, communities, townhouse implies multi-stories, with internal steps to additional floors. …In some countries, the term townhouse simply means a house in town. Consult a local realtor who can advise you about the meaning and definition of the term locally.
According to the Fairfax (Virginia) Yacht Club: "A condominium slip is similar to an apartment condominium in that the owner receives a deed (which is insurable and recorded i…n the County Land Records) which carries with it the exclusive right to the use of the slip (the slip is owned by the owner and not rented or leased from the marina)."
The elements may be the real estate assets of the association. When condominium 'elements' are defined in the context of a Reserve Study, the elements are assets for which r…eserve dollars are set aside, so that when the element reaches the end of its useful life, there are monies available to replace it, or to perform major repairs. Common elements is a term legally associated with condominiums. Common elements are defined by statutory law, which is controlling over any description in any declaration of the condominium. The common elements are all those parts of the condominium and the land that is not designated as units. The common elements identify all the areas owned in common and shared by all the unit owners such as land, streets, building exteriors -- roofs, siding (with boundaries described in the declaration), recreational facilities, laundry facilities, conservation areas, non-assigned parking areas, storage areas, exercise rooms, common deck areas, community rooms, stairwells, elevators, hallways, lobbies, etc. Each unit owner owns a percentage of the common elements in common with the other unit owners. Limited common elements are the exclusive rights in common elements that are particular to each unit and use by other unit owners is prohibited. These can include patios and terraces attached to a particular unit, assigned parking spaces and driveways, assigned storage areas, etc. A unit is the part of the condominium that is available for individual ownership together with the limited common elements that run with the unit. All of the above comprise the elements of a condominium.
In all probability, this is a community that exists in a structure built or converted from another use, that exists below the surface of the land. It's also possible that it'…s a newly constructed facility with a specialized use, such as parking. Read the Public Offering Statement or Resale Certificate -- or legal seller's disclosure documents -- to identify the purpose and age of the condominium.
From Wikipedia, the definition of a quorum is: "A quorum is the minimum number of members of a deliberative assembly (a body that uses parliamentary procedure, such as a legi…slature) necessary to conduct the business of that group." [more under Discussion] In a condominium, your governing documents are specific about the number of people required to make up a quorum, based on the total number of people involved in condominium ownership. A quorum of the board of five persons, for example, is three persons. A quorum of owners is the number of owners -- based on percentage of allocated interests owned -- and is usually more than 50% of total ownership.
If you are developing a condominium project, you hire an association-savvy attorney who crafts the governing documents, based on state law that governs condominiums. When yo…u purchase a condominium, by law you are entitled to copies of all your governing documents. (In Washington State, these documents are packaged in the Resale Certificate.) If you own a condominium, and your copies are lost, your association manager can provide you with copies, which you pay for. If you are interested in buying a condominium, again, you can purchase copies of the governing documents, most of which are public record.
No. It's a noun.
Depending on the type of quorum required -- owners' quorum or board quorum -- no business can be conducted legally if the required quorum is not present or represented. … In extreme cases, best practices dictate that a board contact its association counsel for advice and guidance about the best course of action to take when achieving the required quorum is required in order to conduct business legally, and one cannot be gathered.
Single owner title is the opposite of condominium title ownership, both of which are forms of owning real estate assets.
Condominium is a form of real estate ownership -- a land-use definition, and can be used by developers who develop single family homes, multi-family dwellings, mixed use h…igh-rise buildings, boat slips, garages, warehouse spaces and so forth. The basis for condomoinium ownership is this: an owner purchases a private-use portion of the development, and the association -- made up of all owners -- owns most of the real estate assets in common, together -- in shares equal to the allocated interest assigned to the private-use portion.
You own a condominium according to its boundaries. For example, in a building, the boundary may be 'from the paint, in' and this means that you own the unit and the associ…ation owns everything else. As an owner of a unit, you also own a percentage of everything else -- roofs, walls, roadways, amenities, etc., according to your allocated interest, which is determined by the association ownership share represented by your unit.
Condominium is a form of real estate ownership. Buildings, marinas and more are owned under this form of ownership.