Condominium Real Estate Definition In Cuyahoga
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FAQ
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.
Kitchen appliances within the units are not considered part of the common elements of a inium project since they are typically owned and maintained by individual unit owners. Swimming pools and greenbelt areas are examples of common elements as they are shared facilities within the inium project.
Deeds and additional ownership documentation (circa 1810 to present) is available online or in person at the Recorder's Office, located on the 4th floor of the Cuyahoga County Administration Building.
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 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 UNIT Generally, livable area is defined as length multiplied by width of interior walls, excluding exterior balconies and storage areas which are not within the unit. An adjustment up to 30 cm (one foot) may be added to the interior dimension to account for thickness of exterior walls.
The ownership interests are usually expressed as percentages (such as . 833%), but sometimes as fractions (such as 1/120). For example, if all of the units are allocated an equal interest in a project that has 120 units, then each unit owner owns a . 833% interest in the common area.
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.
In Ohio, only an attorney can draft a deed for others. All title companies must use an attorney to draft deeds.
