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 ?
When putting together an insurance program for condominium associations, one of the first things to establish is who owns what and who is responsible for insuring it.
6) Similarly, a unit owner cannot compel a condominium association to act unless the condominium association has an express duty.
The Roney Palace Condominium Association was incorporated in 1997 as a non-profit association under the laws of the State of Florida.
In granting a waiver to the city's demolition delay ordinance last Thursday so the repair work can begin at once, the Historical Commission based it on "financial hardship" - the fact that it would have cost the condominium association more than double to replace the roof with slate rather than synthetic slate shingles.
These may include the right to perform alterations to units without the approval of the condominium association, the right to maintain model units, the right to maintain a sales office and a leasing office, exclusion from certain restrictions on leasing, and the right to be excused from the payment of assessments on owned units by merely paying any deficit in operating expenses after collection of assessments from the other owners, frequently referred to as guaranteeing the budget.
A condominium association and its management company have a duty to protect owners or occupants from harassment, interference, or intimidation because of their protected status under the fair housing laws.
Made up of 33 condominium units, Yardarm Condominium Association is located in Apollo Beach, Florida.
Pets were allowed when the resident initially bought his unit in 1995, but the condominium association had adopted a "no-pets" policy before the resident adopted his emotional support animal.
Some condominium associations have hundreds of members, but Massachusetts law allows for a condominium association with as few as two.
Prior to this, the company completed retrofitting for Ocean Palms and helped the condominium association to bring down its energy bills by almost 29%.
Dorine Neal, president of the 96-unit Circle Villa Condominium Association in Lauderhill, said there are at least several unit-owner squatters and a rental squatter in her complex, and that the numbers are growing.
He is a trustee of Congregation Rodeph Sholom, a member of the Real Estate Board of New York, president of Beach House Condominium Association and a former director of the Associated Hotel and Motels.