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 ?
For every individual purchase of a condominium unit, the condominium corporation must pay the corresponding income tax.
: Behind successful condominium businesses, there are lots of complicated issues.
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.
Because the estate holder appears as the titleholder, the owner effectively circumvents the restriction on assignment provided for in the condominium declaration.
In promulgating this rule, the Florida court noted the unique living situation inherent to condominiums. "Condominium unit owners comprise a little democratic sub society of necessity more restrictive as it pertains to use of condominium property than may be existent outside the condominium organization," (93) and the owners "must give up a certain degree of freedom of choice which [they] might otherwise enjoy in separate, privately owned property." (94)
Special purpose condominium conversions can often be done in a much shorter time frame than typical residential condominiums.
Rules and policies approved by the condominium board or owners at an annual general meeting are not bylaws and cannot be enforced like bylaws.
A contactless palm vein authentication device is to be installed at the front entrance of the Condominium as part of the auto-lock system.
The "boutique" condominium development offers a unique intimate lifestyle perfect for the very rich and famous.
The $4.5-million, four-storey, 32-unit condominium building is slated for completion by Dec.
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).
Looking ahead, ORIX Electric Power will provide the Bulk Electric Power Purchasing Service and other services that contribute to reducing the costs of the condominium management association, and also contribute to the spread of smart condominiums.