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 ?
If it should be necessary for the owner to make urgent repairs, which cannot be postponed until the termination of the contract, you must tolerate said repairs, even if they may be very annoying or you may be deprived of a part of the condominium unit.
This comment argues that the Louisiana Condominium Act should be amended.
After this decision, the Commissioner's office also published a question and answer sheet for condominium owners and corporations about how the privacy legislation applies to condominiums (www.
COM of Winnipeg is the architectural firm for the condominium.
As a result of the developer's failure to pay its share of assessments for the declared but unbuilt units, the Florida Department of Business and Professional Regulation, Division of Florida Land Sales, Condominiums and Mobile Homes (the "department") issued a notice to the developer to show cause why the department should not enter a cease and desist order and/or impose civil penalties and/or an order requiring the developer to take certain affirmative action as a result of its violation of the condominium act.
The expert concluded that the $21,000 received by the Razavis was a fair rental for the condominium for a year.
Since its inception, the privately-held company has built and managed more than 55,000 condominium and apartment residences in major markets throughout Florida.
The Federation of New York Housing Cooperatives and Condominiums is a 53-year old membership organization dedicated to the education of cooperative and condominium board members, shareholders and unit owners in the five boroughs, Long Island, Westchester and New York State.
The regulations to the Condominium Act were developed following extensive consultations with stakeholders, including unit-owner associations, condominium managers, developers, planners, engineers and architects.
Analysts attributed the big jump to a stabilization of the market as it returns to a more normal mix of condominium and single-family home sales.
Portsmouth's newest luxury residence will soon become reality as O'Neill Properties Group begins construction on the vertical portion of The Tower at Carnegie Abbey, an 80-unit, 21-story condominium building.
Anna McDonald and her husband just put their Reseda condominium up for sale at $185,000, and they are confident they won't have much trouble finding a buyer.