Condominium Meaning In Real Estate In Clark
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An example of a condo is a large apartment building where you own your individual apartment but also share in the maintenance of the building's roof, hallways, lobby, elevators, driveway, landscaping, pools, fitness center, and other amenities.
Addressing guidelines Put information such as title or floor before the street address. Put a hyphen between the unit/suite/apartment number and the street number. Use abbreviations for the street type and street direction (example: SE AVE for Southeast avenue)
If a building "goes inium" it changes from having rented apartments to having owned apartments.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared 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.
Etymology. inium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'.
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."
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.
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.
Condo financial statements assist in making sure the inium Corporation is prepared appropriately for the future. It's used by a variety of stakeholders to understand the financial health of the inium corporation.
