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 Meaning In Nevada
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Inium Rules means the Rules for the use of the Premises that are adopted from time to time by the Board of Directors. inium Rules . Your unit is confirmed with the understanding that you will adhere to the rules and regulations set by individual inium or homeowner associations.
Definition : Rental condo Term that refers to an apartment located in an immovable that is not held in divided co-ownership. This expression is used to describe an apartment that is rented out and that is located in a building with the same characteristics (e.g. a swimming pool, a community hall, a gymnasium, etc.)
“Flat” is simply a British term for a one-level apartment. What are the benefits of living in a condo? You're the owner of a inium, so you get to make the renovations you want and use the paint colors you want without having to ask permission—and the mortgage payments you make go toward building equity.
An apartment complex is a group of several apartment buildings, usually under the same management. A inium is an apartment that is owned by an individual or family. (It can also be owned by a corporation.)
A condo, or inium, is one unit that is part of a larger building or community of other condos. When you own a condo, you own the space in your own unit. Common spaces — enentrances, lobbies, hallways, rooftop decks and other shared areas — are the property of the condo association.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas. (informal condo) an apartment in a inium.
A inium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
An apartment block usually refers to a single building containing multiple units or apartments, while an apartment complex typically refers to a group of buildings or structures containing multiple units or apartments, along with additional amenities such as a pool, gym, or clubhouse.
Such a building may be called an apartment building, apartment complex, flat complex, block of flats, tower block, high-rise or, occasionally, mansion block (in British English), especially if it consists of many apartments for rent.