A condominium is a combination of co-ownership and individual ownership. Those who own an apartment or a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment or condominium unit in the building is individually owned. In some States, the owners of the various units in the condominium have equal voice in the management and share an equal part of the expenses. In other States, control and liability for expenses are shared by a unit owner in the same ratio as the value of the unit bears to the value of the entire condominium project. The bigger condominium owners would have more say-so than the smaller condominium owners.
This Agreement to Lease a Condominium Unit is similar to a lease of an apartment.
Difference Between Condo And Condominium In Bexar
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Bexar
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The main difference comes down to ownership. While townhomes and condominiums offer similar benefits in terms of lowmaintenance living and shared amenities, they differ in ownership structure.A condominium, or condo for short, is a large property complex with individual units that are owned and can be rented out privately. A condominium is generally defined as a system of separate ownership of individual units in multi-unit projects. The key difference between condominium living vs. Living in an apartment or renting a duplex or single-family resident is ownership. O Site Condominiums: A condominium project "that consists entirely of single- family detached dwellings. The questions concern basic information about the development, insurance coverage, rules around reselling, and more.