Condominiums, often called condos, are a type of property or housing unit where a certain portion of the entire real estate is owned by different individuals. The use of and access to communal areas and facilities, such as elevators, exterior areas, hallways, and heating systems, within that portion are associated with the individual ownership and regulation is performed by the group of owners that represent the whole estate. In other words, a condo is a space that an individual owns, not rents.
The difference between a condominium and an apartment complex is legal. Physically, there is no way to tell the difference between a condo and apartment. Though condos are typically of a higher quality because they are on a sale market rather than rental. Condos are defined by their ownership. Condominiums share a building, but each unit is sold to different owners. This is different from an apartment complex in which developers retain ownership of the building and rent units to different tenants.
Technically, these properties serve as a collection of individuals housing spaces and common areas. Anything outside of the boundary of a specific housing unit is considered a communal or common area and is held in undivided ownership by the corporation that was involved during initial development. This corporations does not hold ownership itself, but has the property in trust in the personal interest of the different homeowners as a group.
There are conditions, restrictions, and covenants laid out that govern how owners are to share communal space. Some condominiums contain single dwellings. These so-called detached condos do not require owners to maintain exteriors. In contrast, site condos are where owners have more control of and sometimes ownership over the exterior. Generally a homeowners association, HOA, which consists of unit owners, manages the building through a board of elected directors.
Master deeds include the primary information regarding restrictions and regulations of these properties. It also includes information about the homeowners association. The association regulations are usually outlined in a separate set of bylaws that regulate internal affairs.
Though condominiums are sold to owners, owners may rent their home to tenants. This works in a similar fashion as renting any other type of estate. However, leasing rights may be subject to restrictions or conditions of local law.
Though this is not very common, condominiums may also be used for non-residential purposes. For example: group housing, storage, retail shops, offices, and hotel rooms. In this case, legal aspects remain the same. However, the frequent turnover of commercial property makes this arrangement most susceptible to problems. Many real estate ownerships share qualities of condominiums with small differences. Some of these include matters involving buildings with multiple residential properties, row houses, and townhouses.
Condos are a type of property that is commonly used for residential purposes but may also host non-residential setups. These units are legally different from apartment complexes because they are sold to individuals and not rented. In terms of physical appearance, there is not much different between a condo and an apartment. Sometimes condominiums are of higher quality because they are designed to be sold, not rented.
The difference between a condominium and an apartment complex is legal. Physically, there is no way to tell the difference between a condo and apartment. Though condos are typically of a higher quality because they are on a sale market rather than rental. Condos are defined by their ownership. Condominiums share a building, but each unit is sold to different owners. This is different from an apartment complex in which developers retain ownership of the building and rent units to different tenants.
Technically, these properties serve as a collection of individuals housing spaces and common areas. Anything outside of the boundary of a specific housing unit is considered a communal or common area and is held in undivided ownership by the corporation that was involved during initial development. This corporations does not hold ownership itself, but has the property in trust in the personal interest of the different homeowners as a group.
There are conditions, restrictions, and covenants laid out that govern how owners are to share communal space. Some condominiums contain single dwellings. These so-called detached condos do not require owners to maintain exteriors. In contrast, site condos are where owners have more control of and sometimes ownership over the exterior. Generally a homeowners association, HOA, which consists of unit owners, manages the building through a board of elected directors.
Master deeds include the primary information regarding restrictions and regulations of these properties. It also includes information about the homeowners association. The association regulations are usually outlined in a separate set of bylaws that regulate internal affairs.
Though condominiums are sold to owners, owners may rent their home to tenants. This works in a similar fashion as renting any other type of estate. However, leasing rights may be subject to restrictions or conditions of local law.
Though this is not very common, condominiums may also be used for non-residential purposes. For example: group housing, storage, retail shops, offices, and hotel rooms. In this case, legal aspects remain the same. However, the frequent turnover of commercial property makes this arrangement most susceptible to problems. Many real estate ownerships share qualities of condominiums with small differences. Some of these include matters involving buildings with multiple residential properties, row houses, and townhouses.
Condos are a type of property that is commonly used for residential purposes but may also host non-residential setups. These units are legally different from apartment complexes because they are sold to individuals and not rented. In terms of physical appearance, there is not much different between a condo and an apartment. Sometimes condominiums are of higher quality because they are designed to be sold, not rented.
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