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 ?
Moreover, the term condominium corporation shall be co-terminus with the duration of the condo, subject to the provisions of the Corporation Code.
The board of our condominium has discussed appealing the real estate taxes for the individual units, and to charge the legal fees to the unit owners.
Association or condominium dues, membership fees and other assessments collected from the members, or unit owners, which are merely held in trust and which are to be used solely for administrative expenses in implementing their purpose and from which the corporation could not realize any gain or profit as a result of their receipt thereof, must not be included part of the corporation's gross income.
Before preparing your condominium business model, you should categorize clearly which condominium type you will develop and whether it fits the market's need or not.
AVENDING YOUR CONDOMINIUM DECLARATION CAN MAKE THE DIFFERENCE BETWEEN A CONTINUED LIVABLE ENVIRONMENT AND ONE IN WHICH THE NEW NEIGHBORS DECIDE IT'S A GOOD IDEA TO DISPLAY THEIR EXTENSIVE LAWN FLAMINGO COLLECTION FOR THE BENEFIT OF EVERYONE IN THE COMPLEX.
(8) The practical result of strict interpretation of the LCA and condominium documents is often severe, with detrimental effects on either the ability of a unit owner to use and enjoy his or her property, or the ability of a condominium association to maintain the use and enjoyment of common facilities for other unit owners.
Forbearance agreements buy the developer additional time to continue to market the condominium units in hopes of selling at least 15% of them.
From Aventura to South Beach, Miami-Dade's luxury condominiums are becoming ever more numerous, spectacular and opulent, with prices and sales keeping pace.
Situated on prime riverfront property overlooking the expanding La Verandrye Parkway, the River Walk condominium project in Fort Frances is well underway and is expected to be completed by year's end.
If you're among the millennials planning to rent a condominium unit, you would have to execute a contract of lease with its owner.