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 Pennsylvania
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Inium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'.
An apartment building is exactly what it sounds like -- a set of apartments within the same construction. An apartment complex, however, is a collection of buildings owned by the same landlord or property manager. Complexes are therefore larger than single buildings, and they may also have other amenities.
Pennsylvania's inium property acts require that a registered land surveyor prepare a plat showing the elevations of floors and ceilings on a vertical plane and the boundaries of a inium unit with reference to an official datum.
Generally, a inium is a private residence that is rented out to tenants, it can be a flat/apartment or an independent house. But in modern use 'condo' is referred to apartments and flats only. Plus, iniums are owned and rented by individuals so renting a condo is more of a personal, one-on-one process.
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.)
Pennsylvania Uniform inium Act C.S. §§ 3101 to. 3414) was adopted in 1980 to govern the formation and operation of iniums. Prior to the UCA, iniums in Pennsylvania were governed by the since-repealed Unit Property Act. By definition, a inium is a form of real estate ownership.
An apartment building is a single structure with multiple units, while an apartment complex can be much larger, spanning multiple buildings. Functionally, both are the same — they offer apartments to rent — and from an investment perspective, they are also handled similarly.
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.
Iniums in Pennsylvania are governed by the Uniform inium Act, 68 Pa. Stat. §§ 3101 to 3414 (the “UCA”). Although “inium” is a term generally used to refer to an individually-owed unit, it is also a form of ownership where property other than the individual unit is deemed to be common property.