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 Without Apartment Block In Massachusetts
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The Condominium Act authorizes and regulates unit ownership with a jointly owned, undivided interest in common areas in both residential and commercial spaces. Hi Everyone - I am renting out my condo for the first time.Associations can restrict rentals if a supermajority of owners (at least 67 percent and sometimes more) agree to amend their condo bylaws. As long as fire code is met, there's no explicit soundproofing requirement. This is one of the things your inspector should be looking into before you buy.