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.
Difference Between Condo And Condominium In Travis
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Condominium owners do not own the land beneath their units. In a condominium transaction, which of the following is true?Condominiums ("condos") and housing cooperative ("coops") seem very similar. Generally, both are apartments within a multi-unit building. Condominiums are housing units in a large property complex that are sold to buyers. While apartments are generally rented, condos are owned. One major difference is ownership. Condos, or condominiums, are individually owned units within a larger building or complex. Discover 'what is a condo' in this comprehensive guide. Learn ownership, perks, and types of condos.