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 ?
Rather, a discussion of these standards will demonstrate how the LCA can be modified to meet the specific needs of condominiums, using well-established legal doctrines from jurisdictions with extensive condominium ownership.
In addition, 45 Park Avenue features 16 self-park condominium garage spaces available for purchase- a very unique offering for a luxury development in Manhattan.
Mitsuiwa will support installation of biometric authentication technologies including contactless palm vein authentication from Fujitsu, for the condominium industry and other fields.
The Razavis deducted rental losses from the condominium in 1986 and 1987.
This solution will satisfy institutional demands and the needs of the condominium sponsor or developer.
104(4)(f) requires the declaration of condominium for residential condominiums created after April 1, 1992, to stipulate whether the ownership share of the common elements assigned to each residential unit will be based upon the total square footage of each residential unit in uniform relationship to the total square footage of each other residential unit in the condominium, or upon an equal fractional basis.
The wearer of many hats, Carlson is most visible as executive director of the Federation, a non-profit membership organization comprised of housing cooperatives, condominiums and industry professionals in New York City, Westchester, Long Island and other parts of New York State.