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Generally, a condominium is a distinct form of ownership in the U. S. whereby an individual owns a unit and shares joint ownership with the other unit owners of the common areas which includes the land.
All condo unit owners share title to common areas. Common areas include land, the exterior of buildings, hallways, roofs, swimming pools, etc. They share ownership with the developer until all the units are sold.
Wiki User
∙ 7y ago
Wiki User
∙ 10y agoThe 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'.
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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.
Who owns the huntington condominiums?
The ownership of the Huntington Condominiums would typically be divided among individual condo owners who have purchased and own individual units within the condominium complex. The overall management and maintenance of the property may be overseen by a condominium association that is comprised of the individual unit owners.
What is a resident owner of a condominium?
A resident owner owns the unit and lives there.
Where do you use commas in a sentence containing the following sentence part Three story 91000 square foot condominium complex?
Three story, 91000 square foot, condominium complex?
What is the difference between a condominium and an apartment?
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.
A condominium has what kind of owner?
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.
Is a condominium a home or a house?
A home is where people live. A house generally means a single family house surrounded by a lot. A condominium is a form of real estate ownership that can be applied to units within a high-rise building, a multi-family residential building, plots of land where people park mobile homes part of the year, boat slips where people store floating inventory, storage and shop business parks where people own individual units, and more. Condominium ownership implies that an owner owns a 'unit' individually, and owns common areas in the complex in common with all other owners. Owners pay assessments to fund operation of the complex. Generally, condominium associations are non-profit corporations.
What are Florida condominium pool rules for food and beverage?
There may be basic guidelines in Florida law, but the law that applies is based in the governing documents for the condominium association that owns the pool. There is no standard
What is a site condominium?
According to the State of Michigan's Condominium Buyer's Guide: "The term "site condominium" is used to describe a condominium development with single-family detached housing instead of two or more housing units in one structure." Other states may have different definitions.
Is a condominium association responsible for exterior plumbing?
Read your governing documents to determine who owns the exterior plumbing in your case.
Who do you get a Condominium Declaration from?
You typically get a Condominium Declaration from the developer or the property management company of the condominium complex. It is a legal document that outlines the rights and responsibilities of the condominium owners and the rules and regulations of the complex.
