Condominium Real Estate Definition In Bexar
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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.
Inium Definition: A form of real property with portions of the real property designated for separate ownership or occupancy, and the remainder of the real property designated for common ownership or occupancy solely by the owners of those portions. TUCA Sec. 82.003.
Section 82.111 - Insurance (a) Beginning not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available: (1) property insurance on the insurable common elements insuring against all risks of direct physical loss commonly ...
Flat and condo are the same thing – a set of rooms that is on one floor. In USA, a flat is usually rented, while a condo is owned.
What exactly is a “site inium?” • The FHA definition of site iniums. o Site iniums: A inium project “that consists entirely of single- family detached dwellings.” These homes have no attached buildings, shared garages, etc.
The measure used to determine a condo owner's share of inium contributions (fees) and voting rights. Typically, unit factor is proportional to the size of the owner's inium unit.
: a unit in a multiunit structure (such as an apartment building) or on land owned in common (such as a town house complex)
