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 Wake
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Apartment is US term, flat is British term. They are equivalent condo is short or slang for condominium.A condominium, often shortened to simply "condo," is a privately owned individual unit within a community of other units. Condominiums are housing units in a large property complex that are sold to buyers. While apartments are generally rented, condos are owned. Condominiums are privately owned units within buildings or complexes. Learn how they differ from apartments and discover whether a condo is right for you! Condos are often more expensive but have lower monthly costs. The bulletins are a first step toward implementing permanent Fannie and Freddie lending eligibility guidelines for condominium units and coop apartments. As a physical object, an apartment and a condominium are the same thing.