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.
Condominium With Apartment Block In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00413BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
More info
The Cooperative and Condominium Tax Abatement reduces the property taxes of eligible condominium and co-op owners. If you're looking to buy an apartment in NYC, you have to know all about coops.We answer all your questions (and then some!) in this post. Yes. An apartment in a co-op building that experienced a vacancy after conversion is generally no longer subject to rent stabilization. A condominium involves apartment ownership and a percentage of the common areas while a co-op involves buying shares in a corporation that is the building. The short answer is that both condo and co-op apartments usually require a purchaser to submit an application to the board of managers. 1. Tenant Notice or Vacancy Exemption. The property owner is generally required to notify tenants of their intent to convert the building into condos.