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Condominium ownership is governed according to provisions of laws that govern ownership of real property and state condominium 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. The limits of each unit are set forth in the Master Deed as well as any other additional property where use is exclusive to the unit such as parking, balcony, patio, storage, etc. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property, amenities 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 which allows promulgation of rules and regulations and assessing of monthly maintenance fees and special assessments, the ownership of a condominium unit is considered a fee simple estate.
What else can I help you with?
How much does it cost to own a condo in Sacramento?
A local realtor can answer your question.
How much is a condo?
The cost of a condo depends on the size + quality. If you are looking to buy an amazing condo, about $50'000 is gonna go out your wallet.
If you live in a second floor condo and there is a water leak that causes damage who is responsible?
If you live in a second floor condo and you rent the condo, the leak that causes damage is the responsibility of the owner of the building. If you own the condo, the leak is the responsibility of the owner of the condo with the leak.
How much is the rent for a Tucson condo?
"The rent for a condo in Tucson varies by size and location. A two bedroom condo will cost approximately $970 and a three bedroom condo will cost approximately $1,571."
How much does NFL player Jon Condo weigh?
NFL player Jon Condo weighs 245 pounds.
How much does it cost for a furnished condo for rent?
You can visit, www.condo.com/ to view furnished condo's for rent in Evansville, Indiana. Depending on what all you are expecting out of the condo will determine the price on rent.
IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?
Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo owners) of the common spaces. There will be (at least) two insurance policies in effect: (1) the condo association policy, which covers (at least) the common areas, and (2) your own personal policy, which covers the contents of your condo apartment, and depending upon your coverage, may also cover the internal structural elements (walls, floors, ceilings, fixtures, countertops, etc.) of your specific condo unit. Since there is no damage to your condo unit, your personal condo insurance will probably not apply, even if you have flood insurance. So, the answer to your question depends upon what type of policy your condo association holds. You should therefore ask your condo association.
How much condo insurance do you need?
To determine how much condo insurance you need, you are best advised to insure the contents of your unit, because the association's master policy insures the real estate assets that all owners own in common. You can work with a broker and a copy of the master policy to determine the insurance coverage you want and need.
How much is a condo in asterdam?
A local realtor can answer your question.
How many condo owners?
In most communities, the majority of residents in condos are owners. There are some rental units, but for the most part the people that own the condo also live in it.
Anyone own a condo in Point Orlando Resort in Florida?
A local realtor can answer your question.
How much usually for condo for sale in Chicago?
There are lots of prices for condo's in the Chicago area. All of them have different factors that will affect the price. Age of the condo, dues, age of appliances, and location are all factors that will dictate the price. Also, if the condo is a foreclosure will have some bearing on the price. Generally someone can purchase a condo for about $250,000.
