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 Virginia
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"Common interest community" means real estate subject to a declaration containing lots, at least some of which are residential or occupied for recreational purposes, and common areas to which a person, by virtue of the person's ownership of a lot subject to that declaration, is a member of the association and is ...
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.)
The Virginia inium Act (the “Act”) was enacted on July 1, 1974. It superseded the Horizontal Property Act, which was enacted in 1962. iniums are purely “creatures of statute” meaning that without the laws permitting them, they would not exist. In other words, they are a legal entity created by statute.
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.
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.)
§ 55.1-1915. The declarant, every unit owner, and all those entitled to occupy a unit shall comply with all lawful provisions of this chapter and all provisions of the inium instruments.
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.
The Virginia Property Owners' Association Act covers policies mostly for the common areas of a residential development in Virginia. The seller is obligated to provide a written copy of all association documents before a buyer purchases a home. A buyer may cancel within three days of receiving the association documents.
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The US doesn't use the term "flat" when talking about residential property. Detached means that one neighbor's house is not touching another's.A condominium, more commonly known as a "condo," is a residential property privately owned and rented out to tenants. Apartment house includes residential condominiums and cooperatives whether rented or owner-occupied. A limited common element is an aspect of a condominium unit that remains the property of the condominium community instead of the tenant.