Condo Rules For Guests In Kings
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FAQ
The condo Board gets what's called the “right of first refusal.” But does this mean a condo Board can reject anyone without a fair or justified reason? Most definitely not. The Board cannot make any rejection without its presence being noted in the bylaws.
Inium is a Latin word that means "Owning property together." That's what it is like when someone buys a condo unit. They have an "interest" in the land beneath the building, but the building's association owns the actual land.
Condo owners have the right to take legal action against the association or other condo owners. They can file for damages or injunctive relief on board members or owners who fail to comply with the governing documents and condo laws.
A inium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
A guest apartment is a self-contained unit within a larger residential building specifically designed for guest stays. The correct term to use depends on the specific setup you have. If you have a separate structure, use "guest house." If you have a self-contained unit within a larger building, use "guest apartment."
Land iniums are iniums where parcels of land are the inium units. There may or may not be structures built on the units, but the structure is treated as a part of the unit.
With regular iniums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in the case of a freehold inium the owner owns the land and building and the corporation owns common shared roadways and amenities.
Owning a condo in NYC can provide substantial long-term appreciation, making it a valuable asset. Additionally, if you decide to rent out your condo, NYC's high rental demand can offer a lucrative rental income stream, further enhancing your investment returns. 3.
