How is a condominium owned?
Condominium ownership is a form of common interest community real estate ownership.
Condominiums are owned according to the provisions of laws that
govern the ownership of real property and condominium law, which
may vary in different jurisdictions. Generally, a condominium
project is a form of fee ownership by which several owners
share ownership of a multi-unit building(s) by each owning their
respective units within that building.
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. Unit owners pay monthly fees for their share of the upkeep and maintenance of the community and special assessments when extraordinary repairs or improvements must be made. For example, if there are ten units the unit owners would each own a 10% interest in the common areas.
By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed and any rules and regulations promulgated by the unit owners' association. Although a condominium is governed by statutory law which allows promulgation of rules and regulations and assessing of monthly fees and special assessments, the ownership of a condominium unit is considered a fee simple estate. That means the owner has the right to sell that unit and if she dies, ownership of that unit will pass to her heirs.
Both are housing units. A townhouse may be a condominium, and may be owned; or not. A condominium is always owned, and may be a townhouse; or not.
Legally, a hotel is owned by a single owner and the property managed for the benefit of both the owner and guests. Each condominium unit is owned individually, and its association manages the business of the condominium.
Your answer depends on the nature of the condominium, and its location. A marina slip in a local lake owned as a condominium has a different price than a condominium penthouse in mid-town Manhattan.
Condominium is a form of real estate ownership. Buildings, marinas and more are owned under this form of ownership.
All are living spaces. A condominium -- of whatever style -- is owned by the unit owner. A duplex or a town home could be building styles. Each could be rented or owned.
A condominium is always a form of real estate ownership, regardless of the style of the home. A townhouse is a style of home and can be owned outright, rented or owned as a condominium. In some places, the term 'townhouse' and 'condominium' are used interchangeably, but the two do not not always mean the same thing.
A condominium is an apartment that is owned by the resident rather than a landlord.
Most commonly, a hotel is owned by a corporate owner who then rents rooms in the property. A condominium hotel could be run like a hotel, but with units -- rooms -- owned by individual owners.
The correct spelling is "condominium" (individually owned apartments).
Read your governing documents to determine what is owned by individual owners and what is owned by the association.
The official difference is in ownership: an apartment is owned by a landlord who may also own other apartments in the same complex; a condominium is owned by a single owner and that ownership includes a percentage ownership in the community's common areas. A condominium may be in the style of an apartment, especially, in urban high-rise buildings.
Every condominium association is owned by unit owners.
A private house is owned by an owner who also owns the land. A private house owner is responsible for the maintenance, upkeep and preservation of the private house and property. A condominium house is part of a larger community which is owned by all owners in equitable share, and the house being owned by an owner. A condominium house owner pays assessments to the association that operates the community. The board is responsibility for… Read More
It depends on your condominium governing documents, where you can find a list of assets owned as limited common elements, meaning assets owned in common for the benefit of a single or a single group of owners. Generally, in a high-rise condominium, for example, unit entry doors are considered limited common elements.
You have asked an interesting question. Briefly and generally, condominium units are individually owned with each unit owner owning a percentage interest in the common areas and facilities. That means in a fully occupied condominium community all the common areas and facilities are owned by all the unit owners with each individual unit owner owning their own unit in full. In the case of unsold units, those are owned by the developer. The developer generally… Read More
Maybe. Condominium is a form of real estate ownership. Each unit is owned individually, together with an allocated interest in all the real estate assets owned in common with all other owners. There are developments where a unit is a single family home.
This phrase applies to all the real estate assets owned by the condominium association. A condominium property can refer to any real property that has been dedicated to function as a condominium under state laws that govern condominiums. Condominium projects can range from a single building divided into retail and office space, large, older single homes that have been converted to 2+ condominium units, and large tracts of land with hundreds of condominium units, pools… Read More
Read your governing documents to determine who owns the outside of the condominium. Typically, the 'outside' is owned by the association, and of which you share ownership with all other owners. Ownership determines maintenance.
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 in 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)."
Condominium living implies assessments, regardless of the amenities owned by the association.
No, it is private property owned by all owners in the condominium association.
The form of condominium ownership dictates that individual unit owners own 'everything' within a unit, boundaries for which are defined in the land use records on file for the project. All 'common areas', such as walls, hallways, elevators, roofs, asphalt and landscape, and more, are owned by all owners in common, with a percentage ownership share owned by each unit owner according to its 'allocated interest'.
Casita is a Spanish word that means small home, from casa. A condominium is a residential unit owned in a community.
Does an elevator which exclusively serves two separately owned apartments on the third floor of a three story condominium building provide service to a single family dwelling?
Your question is complex. First, the elevator serves owned apartments in a condominium building. Then the elevator may be known as a limited common element. Since the elevator serves both units, the location of the 'single family dwelling' is unclear. (Both apartments are condominium units; neither is commonly described as a 'single family dwelling'.)
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 the 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… Read More
Yes. A condominium is real property and is an estate owned in fee: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their… Read More
Actually, the condominium itself has no 'responsibilities', except to provide shelter as a structure. As a condominium owner, your responsibilities of ownership insofar as the interior of the unit -- which you own -- are documented in your governing documents. As well, your responsibilities to the association are also documented there. As a condominium board, too, your responsibilities are found in your governing documents, and in your state's condominium law. Primarily these will specify your… Read More
Garden condominium is a descriptive term used by developers and real estate agents to describe a community of condominiums that features gardens. The gardens can either be owned in common with all other owners, or can be owned individually, with the responsibility for the garden belonging to the unit owner. Read the brochure and other descriptive materials to better understand the particular development or community that uses this term to describe its amenities.
Without a context or more information, the only answer can be 50 years is 50 years. Answer There are two meanings of the word condominium as follows: In Real Estate and Property Law: A condominium is defined as a building or complex in which units of property, such as apartments, are owned by individuals and common parts of the property, such as the grounds, common areas, facilities and building structure, are owned jointly by the… Read More
Condominium is a form of real estate ownership whereby all owners share ownership of the real estate assets, and own some assets individually. A guest house is a structure that can be owned under any form of real estate ownership .
Anyone who owns a condominium, owns it with other owners. Each owner owns a unit, with boundaries defined in the CC&Rs between this property and the property owned by all owners. The boundary may be 'the paint/ wallpaper', 'the studs', 'sheet rock', or other.
A unit owner owns the space contained with the boundaries of a unit. The governing documents are clear as to the location of the boundary: the paint, the studs, the drywall, etc. There is no standard. Every other real estate asset (mail room, garden, walkway, yard) is owned in common -- in association -- with all other owners, depending on each unit owner's allocated interest in the property. These assets are defined as common areas… Read More
You can find the answer in your state's condominium law. In Washington State, for example, an elected board member has the responsibility to 'protect, maintain and enhance' the assets owned by the association. Go to your state's Web site and locate the state's condominium law. Then, specifically, your governing documents will expand on your state's documented duties and list the duties of a trustee or board member for your association.
There is no standard: every condominium is different from every other condominium. Read your governing documents to identify the line that separates what you own as an individual owner and what is owned in common with all other owners. Look in the table of contents for 'Boundaries' or other term indicating a line of separation. Your line may be 'the paint/wallpaper', 'the back of the sheetrock', 'the studs' or other.
Hats off to Kluss for his legal definitions above. . . These terms can be interchangeable both as forms of real estate ownership, and in the style of building. A duplex is any kind of building with two separate units, and its legal ownership may be as a condominium. Condominium is a form of real estate ownership, and may apply to residential buildings, commercial buildings, storage and warehouse buildings, even boat slips. (Antarctica is owned… Read More
When you purchase a condominium, you purchase the unit. As well, you purchase an interest in the real estate assets owned by the community. These assets may include common areas, limited common areas, amenities, roadways, parks and so forth. Generally, all these assets are included in the price of a condominium.
The recorded instrument that is sometimes called a Declaration of Condominium is the legal document that actually creates a condominium development under relevant state law. In Massachusetts it is called a Master Deed. A master deed submits the real property and the buildings to the statutory provisions that govern condominiums, divides a single property into individually owned units, includes restrictions and rules and regulations and provides for ownership of common areas.
A condominium pool is located on privately owned land. Like any other pool on private property it is not open to the public.
States are not involved in the operations of amenities owned by common interest community associations. If you have strong feelings about limited parking in your condominium lot, make your wishes known to the board and bring up the topic for discussion in an open board meeting.
There are two kinds of insurance required in a condominium environment. The master policy insures all the real estate assets owned in common -- and covers liability possible in commonly owned areas. Individual condominium owners purchase a policy to cover their unique assets. This policy is known as an HO-6 policy. If an owner who lives in the penthouse that includes a private pool, the penthouse owner is responsible for insurance to cover the rooftop… Read More
In some cases a condominium is like an apartment. However, a condominium is form of fee ownership ( each unit owner is the absolute owner of their unit) by which several owners share ownership of a building(s) by each owning their respective units. In a condominium scheme each unit owner also owns a proportionate interest in all other common areas of the project such as the grounds, pool, laundry facilities, community rooms, etc. An apartment… Read More
Depending on what's written in your governing documents, an attached garage may be a limited common element, that is owned in common, but available to not all owners, owned outright by the unit owner or a common element. Read your governing documents to determine how your attached garage is owned. There is no standard.
In Real Estate and Property Law: A condominium is defined as a building or complex in which units of property, such as apartments, are owned by individuals and common parts of the property, such as the grounds, common areas, facilities and building structure, are owned jointly by the unit owners. In International Law: Joint sovereignty, especially joint rule of territory by two or more nations, or a plan to achieve it. This meaning is more… Read More
Does a townhouse own the land beneath it whereas a condominium owners own only the unit plus a part of shared common grounds and amenities?
Yes, typically the extent of the actual land owned in each is different. Generally, a townhouse is one of a row of attached dwellings that share common side walls. Therefore, a townhouse is an individually owned building attached in a row with other individually owned buildings. Each townhouse owner owns the land beneath that unit. To confuse the issue of townhouses, some condominiums are called townhouse condominiums. In that case the term refers to the… Read More
You can find the answer you want in your state's condominium law where it may define default ownership lines. Then, read your governing documents to discover how they have altered the ownership lines. No two states are alike in these definitions; no two sets of condominium governing documents are alike.
You can visit the hall of records, the tax assessor's office, to determine ownership of the property.
When you buy a co-op, you buy shares in a corporation and are assigned a space. Some lenders are leery of this style of real estate ownership, and will not grant a mortgage for such an option. A condominium buyer purchases an individual unit, plus ownership in all the real estate assets owned in common with all other owners. These may include the buildings, parking lots, landscape assets, golf course, pool, club house and whatever… Read More
A high rise condominium is a tall building with condominium units.
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
If you own the unit outright, it would appear as an unencumbered asset, meaning that there would be no off-setting liability that represents a mortgage on the property.