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Your real estate is part of an association with a legal obligation for the board to 'protect, preserve and maintain' the collective asset. Your assessments pay for 'someone else' to handle repairs to common areas, so you are relieved of many of the maintenance issues that face single-home owners. Often, a community of neighbors can be built, because you are all co-investors.
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Is a condominium like an apartment?
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 is generally a rental unit in the US and Canada. In Europe, an apartment can be a rental unit or a unit in a building that is owned in fee much like a condominium.
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What is the difference between a condominium unit and a condominium phase?
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.
What accommodations do you get when owning a condominium?
Your answer depends totally on the condominium and its real estate assets, and your access to them depending on your ownership. There is no standard.
What do you call someone who owns an condominium unit?
Someone who owns a condominium unit is called an owner.
What is a garden condo?
Usually a condominium complex with a garden, or a condominium unit with a garden dedicated to the unit.
What is an antonym for condominium?
Single owner title is the opposite of condominium title ownership, both of which are forms of owning real estate assets.
Who is the owner of a condominium?
The titled owner for a condominium unit is the person(s) who owns the unit and may also include the name of a lender who holds title with the owner. The title is held in the local hall of records generally in the form of a deed.
Is condominium unit considered real property?
Yes, a condominium unit is considered real property because it consists of a physical structure and land, which are the defining characteristics of real property. Each individual owns an interest in the unit and common areas, which collectively form the condominium property.
Who pays the property taxes for a condominium unit in Florida?
If Florida is like most other states, a condominium unit owner pays property taxes for the unit.
Do you own land when you own a condominium?
You don't own any particular plot of land as an individual. You own a percentage interest in all the land in the condominium project along with all the other unit owners. That percentage is recited in the deed for each unit. You own a shared interest in the common areas and that includes the land.Generally, a condominium is a distinct form of ownership in the U. S. (and other countries) whereby an individual owns a unit and shares joint ownership of the common areas with the other unit owners, which includes the land. In addition to owning your own unit of a condominium building in fee, you would also be part owner of the land upon which the condominium is constructed.For example, a typical Massachusetts condominium deed would state: "Unit #2 of the Old Mill River Condominium together with a .05% interest in the common areas and facilities." That owner would own a .05% fee interest in the common areas along with the land encompassed by the condominium project. Similar language is used in other jurisdictions.For a discussion of what you own when you own a condo unit in the State of Washington see the following:http://www.ticorblog.com/blog/condo-or-co-op-whats-the-difference/See also the following related question discussing the difference between condominium units and townhouse units: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
How much do you own in your condo?
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.
