Condominium Real Estate Definition In Arizona
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A inium is type of living residence within a multi-unit complex where each unit is individually owned. iniums are commonly called condos, for short. The origin of the term 'inium' comes from Latin meaning "joint rule."
Inium Rules means the Rules for the use of the Premises that are adopted from time to time by the Board of Directors. inium Rules . Your unit is confirmed with the understanding that you will adhere to the rules and regulations set by individual inium or homeowner associations.
A inium, or condo, is an individually owned unit in a complex or building of units. A condo owner owns the space inside their condo and shares ownership interest in the community property, such as the floor, stairwells, and exterior areas.
The Arizona inium Act is a set of statutes enacted by the Arizona legislature that applies to the governance and operation of iniums and inium associations in the state of Arizona.
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.
A inium Information Statement (CIS) is the packet of documents provided to buyers purchasing a condo unit that is newly constructed or recently converted from a different use.
A condo owner only owns the interiors of the unit they live in; the HOA, of which all condo owners in the building or community are members, owns the building and all of the exterior parts. With a townhouse, the owner possesses both the interior and exterior of the unit, including the yard, patio or deck.
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.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
