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 ?
Whether your practice includes a significant amount of condominium issues or you are a condominium owner, this book can be your "go to" resource for accurate information.
Rules and policies approved by the condominium board or owners at an annual general meeting are not bylaws and cannot be enforced like bylaws.
The sales success of 45 Park Avenue further demonstrates the excellent appeal and value of this newly-constructed condominium, located in one of the City's most exclusive residential avenues," said Goldman.
A contactless palm vein authentication device is to be installed at the front entrance of the Condominium as part of the auto-lock system.
Chula Vista Condominiums is currently accepting reservations for phase one development, which includes approximately 70 condominiums as well as plans for a new, 60,000-square-foot indoor water park.
The median price of a condominium is $173,000 and the median price of a single family home is $365,000.
In 1986, SSP rented the Razavis' condominium to third parties for 149 days and received $29,559; SSP paid the Razavis $19,250 (11/12 of $21,000).
Perez, The Related Group has earned a reputation in the United States for its visionary design and development of luxury condominiums, mixed-use centers and multi-family properties.
Those of us in the real estate industry listened carefully as Andrew Cuomo, attorney general-elect and Spitzer's successor, indicated that he--and the office during his watch--will have a positive effect on the landscape of the condominium market in the city and the state.
There are approximately 6,000 condominium corporations in Ontario, with some 500,000 units.
The condominium price rose $1,000 to $116,000 in the last year but fell $4,000 from the September median.
403, effective October 1, 1984, provides the option of developing multi-sectional condominiums in phases, thereby affording developers the flexibility to modify a project in response to market demands.