Define Condominium In Real Estate In Harris
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An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas. (informal condo) an apartment in a inium.
What's measured? The square footage of the unit is measured from the midpoint of shared walls and the entire depth of outside walls.
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 (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.
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.
A condo, or inium, is one unit that is part of a larger building or community of other condos. When you own a condo, you own the space in your own unit. Common spaces — enentrances, lobbies, hallways, rooftop decks and other shared areas — are the property of the condo association.
The inium declaration, also called a master deed or master lease, is recorded in the public records, binding all current and future condo owners to its terms and conditions. It includes restrictive covenants on inium owners that regulate the use of both common areas and private inium units.
Articles of Incorporation The Articles bring the corporation into existence, and contain the outlines of its organizational structure. In California, homeowners associations are not required to be incorporated, and most smaller associations are not incorporated (and therefore have no Articles of Incorporation).
