Define Condominium In Real Estate In Fairfax
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O Site iniums: A inium project “that consists entirely of single- family detached dwellings.” These homes have no attached buildings, shared garages, etc.
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.
One is a inium, a multiunit property that is divided and sold into individual units. Compared with single-family dwellings, owning a inium includes partial ownership of a shared common property. This aspect of owning a condo can represent unique challenges for buyers.
A inium is similar to an apartment in that it's an individual unit residing in a building or community of buildings. But unlike an apartment, a condo is owned by its resident, not rented from a landlord. A townhouse is an attached home also owned by its resident.
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, 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.
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.
Generally, no more than one family, plus two renters, may live together as a single household. Or, no more than four unrelated people may live in one house as a single household.
Current through the 2022 Regular Session. The Virginia inium Act (the “Act”) found under the new Title 55.1, Chapter 19 (§§ 55.1-1900 through 55.1-1995) of the Code of Virginia, applies to “all iniums and to all horizontal property regimes or inium projects.
