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Condominium ownership implies that all owners own a share of the real estate assets that make up the association's holdings together with the unit assigned to the owner.
Commercial buildings may be condominiums. There may be commercial units within a condominium complex. As a business, however, the association is a corporation that may be for profit, not for profit or exist as an unincorporated association.
AnswerThat depends on how the condominium was set up in the Master Deed. A residential condominium typically contains only residential condominium units. Some condominium projects offer mixed use when they include some units for commercial use such as restaurants, offices or shops at street level with residential units on upper levels. Others are strictly dedicated to commercial use such as office buildings or industrial complexes. The use is clearly set forth in the Master Deed. Generally, if you own a residential condo unit you cannot use it for commercial purposes.
What else can I help you with?
Is a rental property considered commercial?
Yes, a rental property can be considered commercial if it is used for business purposes or generates income.
Is it permissible to sleep in a commercial property?
No, it is generally not permissible to sleep in a commercial property unless it is explicitly allowed by the property owner or management. Sleeping in a commercial property without permission can be considered trespassing.
Is a high rise condo considered commercial property?
Your answer depends on who's asking. If the only occupants of the building are residents, some may consider it a high-density, multi-family housing building. Given the limitations of some insurance databases, or municipal code books, the building may be considered commercial. If there are commercial enterprises -- say at street level -- with residences above, then the building is considered a mixed-use building.
Is a commercial bank considered a public place?
No,,,,,,,, its considered private property in Canada
Is a bed breakfast residential or commercial property?
A bed and breakfast should be considered commercial property. Residential property is classified as single home dwellings not for business use.
Is a Virginia condo parking lot considered public property?
No. If it is owned by the condominium it is private property. Access to it, and its usage can be controlled by the condo association. There is a lot misunderstanding in most people's minds, and a great deal of legal difference in terminology such as; 'public property,' 'public space,' 'open space,' 'space "to which the public is invited,"' etc., etc.. All have different interpretations and meanings under the law.
What is the use of commercial investment properties?
Gas stations, restaurants, convenience stores, and malls are all considered commercial properties. Commercial investment property is property that is solely used for business purposes.
Is a gas station considered private property?
Yes, a gas station is considered private property as it is owned and operated by a private entity for commercial purposes.
What is the annual property tax on a condo in new orleans, la that is priced at $280K?
The property tax on a condo in new orleans, la would be 4% of the value of the properrty
If I file bankruptcy and I'm on the deed for my son's condo can they take the condo away?
Your interest in the condo will be considered part of your assets.
Is a deck attached to commercial rental property by the tenant considered a trade fixture?
No, it is considered a capital improvement to the real estate.
Are churches considered as residential or commercial property?
Churches are not commercial buildings because they are places of worship rather than business. Many churches own and run commercial enterprises, however, and those buildings may be considered commercial buildings.
