Seller agrees to sell and the buyer agrees to buy a condominium unit under the terms and conditions of the contract. Other provisions of the agreement include: closing costs, deposits, insurance and proration.
Condominium Meaning In Real Estate In Houston
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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."
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
The main difference between an apartment and a inium lies in ownership structure. In an apartment, tenants rent units from landlords or property management companies, with no ownership rights. In contrast, a inium involves individual ownership of units within a larger complex or building.
A project comprised of two, three, or four residential units in which each unit is evidenced by its own title and deed. A two- to four-unit condo project may be either a new or established project and may be comprised of attached and/or detached units. A project consisting partially or solely of manufactured homes.
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.
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.
Expert-Verified Answer The best description of inium ownership is that the space inside the unit belongs to the unit owner, while all owners share ownership of the common elements.
The condo complex may be owned by a single person, a company, or a group of investors. However, the shared areas are typically managed by the development's homeowners association, known as HOAs, which generally consists of condo owners from within the complex.
A inium, often shortened to "condo," is a form of housing tenure where a specific unit or apartment is individually owned, while the common areas of the property are jointly owned by all the condo owners within the complex.
What exactly is a “site inium?” • The FHA definition of site iniums. o Site iniums: A inium project “that consists entirely of single- family detached dwellings.” These homes have no attached buildings, shared garages, etc.
