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What else can I help you with?
Is a condominium considered commercial real estate?
Condominium is a form of real estate ownership, and may be commercial or residential.
Are interior wires within walls considered commonly owned in a condo?
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.
Are pipes between the interior and exterior walls of a condo considered common area?
You can find the answer you want in your state's condominium law, where ownership default boundaries may be defined. Then, you can read your governing documents to determine whether the state's default boundaries have been adjusted by your declaration.Knowing this detail is important when insuring your condominium, because if you are responsible to repair damage to your unit caused by a pipe leaking or bursting, then having the appropriate insurance coverage is best.Every set of condominium governing documents is different; every state condominium law defines boundaries and ownership defaults differently.
Are condominium considered residential or commercial?
Condominiums are primarily considered residential properties, as they are designed for individuals or families to live in. However, some condominium developments may include commercial units or mixed-use spaces, which can blur the lines between residential and commercial classifications. Overall, the primary function of a condominium is residential.
Is a crawlspace under a condominium considered part of the condo unit?
Please review your governing documents -- your CC&Rs, to discover the boundary definition for your unit. Look for the section with boundary in the title. There is no standard: every condominium is different from every other condominium.
What are the duties and resposibilities of a condominium?
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 charge to 'protect, maintain and preserve' the investment that all owners have in the common areas, which are owned by all owners in common based on a percentage of ownership.
Is an entry door to a condominium unit considered a common element?
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.
What is a highrise condominium?
A high rise condominium is a tall building with condominium units.
Are condominiums considered master associations?
No. A master association may contain multiple, separate condominium associations.
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.
Is condominium unit considered real property?
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 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.
What part of speech is condominium?
"Condominium" is a noun. A noun is a person, place, or thing.
