Define Condominium In Real Estate In Bronx
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The inium Act is the New York State law which governs the establishment of iniums.
Now, under the recent changes to the Martin Act, the conversion of small, owner-occupied housing is deemed a public offering, and such property owners will be required to file an offering plan before they can convert their property to cooperative or inium status for reasons such as estate planning or relocation ...
The inium Act is the New York State law which governs the establishment of iniums.
Upon application made in ance with the requirements of this section, the Department of Law may, in its discretion, issue a "no-action letter" stating that it will not take enforcement action based on the transaction described in the application occurring without the filing of an offering plan pursuant to section ...
Generally, a inium is a private residence that is rented out to tenants, it can be a flat/apartment or an independent house. But in modern use 'condo' is referred to apartments and flats only. Plus, iniums are owned and rented by individuals so renting a condo is more of a personal, one-on-one process.
For example, a garden inium complex consists of low-rise buildings built with landscaped grounds surrounding them. A townhouse inium complex consists of multi-floor semi-detached homes.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
Standard examples are the Canton and Enderbury Islands (a British–American inium from 1939 to 1979), the New Hebrides (a French–British inium from 1906 to 1980), the Samoan Islands (a German-British-American inium from 1889 to 1899), Sudan (a British–Egyptian inium to 1956), and Togoland (a ...
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.
For example, a garden inium complex consists of low-rise buildings built with landscaped grounds surrounding them. A townhouse inium complex consists of multi-floor semi-detached homes.
