condominium

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Condominium

In the United States and most of Canada, a piece of housing property attached to other properties, each individually owned, but with co-ownership of all common areas. This is usually associated with an apartment building in which residents own their apartments, but collectively (acting through a homeowners' association) own things like elevators, electric wiring, the outside of the buildings or the courtyards. In the event of an accident, liability is often apportioned according to where the accident occurred. For example, if a pipe bursts in a condominium and ruins the floors, its owner is responsible. However, if a pipe bursts in a condominium and ruins a neighboring unit's floors, liability rests with the homeowner's association. It is informally called a condo.

condominium

A system of ownership in a multiunit development allowing individual ownership of some areas and common ownership of all other areas.The identifying feature is the legality that common areas (entrance, hallways, elevators, swimming pool, parking, etc.) are owned by all members of the community in common with each other, rather than being owned by a separate corporation or association. Residential condominium projects may be multistory apartment-style residences or may resemble traditional detached housing or garden home communities.

References in periodicals archive ?
In the most drastic cases, condominium associations have to assess their paying members a surcharge to make up for the dues not paid by the delinquent member or members.
One of the many tasks of condominium associations is to determine the useful life of common elements, estimate replacement cost, and begin funding a reserve account to pay for future repairs and replacements.
HUD's Order modifies a previous HUD Administrative Law Judge decision that ordered Castillo Condominium Association to pay only $3,000 in emotional distress damages and a $2,000 civil penalty.
But it does mean that officious condominium associations need to back off whenever and wherever a resident wants to express love of country by displaying the U.
The Appeals Court held that since a condominium association does not have a contract with the condominium developer, and hence no ability to assert a contract claim, it should be permitted to assert a tort claim, since otherwise, it will have no remedy for construction defects1.
The condominium association should pass an amendment to the current condominium declaration as follows: "The definition of 'Owner' is hereby amended to read as follows: 'Owner' shall mean the titleholder of record or, in the event that the titleholder of record differs from the reversion-holder, the holder of the reversion.
The above advantages and disadvantages may seem contradictory with respect to the acquirer's ability to control the board of directors of the condominium association.
Dumbaugh applied for a special exception, given the dog's advanced age, and the condominium association approved it.
An insurance company agreed Sunday to pay a North Hills condominium association $20 million to settle a lawsuit accusing the insurer of refusing to rebuild the Northridge Earthquake-damaged complex, the association's attorney said.
The couple owned a condominium unit in a building in which all of the owners belonged to a condominium association that operated and maintained the common property.
These common areas are managed, but not owned, by a condominium association made up of and controlled by the individual unit owners.
A fifty-one-year-old grandmother in Santa Ana, California, received a citation from her condominium association for allegedly violating one of the association's rules.