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 Wake
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A condominium, or condo for short, is a large property complex with individual units that are owned and can be rented out privately. That's an apartment complex or condo complex in a nutshell: complete homes all tucked into a smaller space.A condominium, or "condo" for short, is a type of housing that blends the best of private homeownership and shared community living. Condo complexes usually have a name, and the name is often in the form "XXX Condominiums". Condominiums are housing units in a large property complex that are sold to buyers. While apartments are generally rented, condos are owned. Condominiums ("condos") and housing cooperative ("coops") seem very similar. Generally, both are apartments within a multi-unit building. What is a condominium (condo). Condominium ownership exist in many forms of residential living.