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 North Carolina
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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.
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.
Apartment blocks are defined as an appropriate form for an area defined as very urban, ranch houses for other areas, for instance.
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.
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.
/ əˈpɑːtmənt ˌblɒk/ (US apartment building) Add to word list Add to word list. a large building that is divided into apartments.
In British English, a “flat” is a group of rooms that make up a single dwelling, usually located on one level of a larger structure. They are collectively referred to as a block of flats.
Reduced realty taxes result in increased net operating income and which in turn provides an increase in market value for inium titled properties. Converting to inium further increases borrowing strength and may result in better interest rates.
The inium Conversion program is available for buildings of six residential units or less. For all buildings, owners must have occupied 50 percent or more of the units for three years continuously prior to entering the annual lottery for condo conversion.
In California, inium conversions are regulated by a law called the Subdivision Map Act, and also by local law in the jurisdiction where the property is located. The local jurisdiction processes the conversion application and, once that application is approved, a subdivision map is recorded.