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 New York
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A NYC condo application will also typically ask for signed acknowledgements of various key building documents such as the bylaws. The New York State Real Property Law RPL - Article (9-B) lists the legal requirements and necessary documents for Finance to create and assess condominiums.A condominium (condo) is a single real estate unit in a multi-unit development in which an owner has both of the following: Don't expect the seller to fill out a Property Disclosure Form in New York. Serious replies only please. This comprehensive guide will walk you through the process. With mortgage rates at record lows, it's a great time to buy an apartment in NYC. It may be legal depending on the circumstances of your building.