MargievgfjtzuhcvKieft: Created page with 'A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually ow…'

2012-09-13T15:43:29Z

Created page with 'A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually ow…'

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A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece.

Colloquially, the term is often used to refer to the unit itself in place of the word "apartment". A condominium may be simply defined as an "apartment" that the resident owns as opposed to rents, but more so it is commonly refered to asa temporary get away such as with the [http://riversails.pro/location-map/ riversails site plan] housing option among a variety of other selections.

Condominium is the legal term used in the United States and in most provinces of Canada. In Australia, New Zealand and the Canadian province of British Columbia it is referred to as strata title. In Quebec the term "divided co-property" (French: co-propri�t� divis�e) is used, although the colloquial name remains 'condominium'. In France the equivalent is called copropri�t� (co-ownership), usually managed by the syndic. In South Africa, this form of ownership is called Sectional Title, with the owners constituting the Body Corporate.

The difference between a condominium and an apartment complex is purely legal: there is no way to know a condominium from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership. The same building developed as a condominium (and sold in individual units to different owners) could actually be built someplace else as an apartment building (the developers would retain ownership and rent individual units to different tenants). As a practical matter, though, builders tend to build condominiums to higher quality standards than apartment complexes because of the differences between the rental and sale markets.

Technically, a condominium is a collection of individual home units and common areas along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home (Anglo-Saxon law systems; different elsewhere). The boundaries of that space are specified by a legal document known as a Declaration, filed of record with the local governing authority. Typically these boundaries will include the drywall surrounding a room, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium�s creation. The corporation holds this property in trust on behalf of the homeowners as a group�-it may not have ownership itself.

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MargievgfjtzuhcvKieft: Created page with 'A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually ow…'