Condominium Real Estate Definition In Contra Costa
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The main difference comes down to ownership. iniums are owned by individuals and rented out privately (this is your typical landlord). In contrast, apartments are generally owned by property management companies who rent and manage all the units, creating a more standard approach and leasing process.
Additionally, condo owners often don't own the land their unit is built on—they lease it from the condo association—which can lead to different restrictions regarding renovations or modifications.
A condo owner only has possession over the inside of the unit, while a townhouse owner controls the interior, exterior and the land the structure sits on.
A inium consists of an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map, or inium plan in sufficient detail to locate all boundaries thereof…
The biggest difference between a condo and an apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo can be similar in structure to an apartment — usually a unit within a larger residential building — but condos are owned instead of rented.
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A inium consists of an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map, or inium plan in sufficient detail to locate all boundaries thereof…
A inium consists of an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map, or inium plan in sufficient detail to locate all boundaries thereof…
Property MUST be declared as a inium in the form of Legal Description and recorded declarations. Typically have "common" insurance on the structures. Condos have a greater degree of internal control, rules and regulations as opposed to townhomes or PUD's.
