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 Virginia
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Condo is an individual Unit like a Flat or an Apartment. The main difference comes down to ownership.The following material is excerpted from official codes and is current through the date set forth above. What makes a condo, is shared ownership of common areas. A condo owner does not own land in its entirety. If you own a condominium, also called a condo, you own the walls from within. Condominiums are housing units in a large property complex that are sold to buyers. While apartments are generally rented, condos are owned. The main difference between a condo and a coop lies in how ownership of each property works.