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 Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00455
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
"Owning:" Why Condo Owners Don't Own the Land. One of the main differences between buying a house versus buying a condo is that condo owners are not landowners. A condo owner is purchasing an "interest" in the condo association that runs the day-to-day operations of the building, similar to a homeowners association.
Inium is a Latin word that means "Owning property together." That's what it is like when someone buys a condo unit. They have an "interest" in the land beneath the building, but the building's association owns the actual land.
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.
An example of a condo is a large apartment building where you own your individual apartment but also share in the maintenance of the building's roof, hallways, lobby, elevators, driveway, landscaping, pools, fitness center, and other amenities.
Etymology. inium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'.
If a building "goes inium" it changes from having rented apartments to having owned apartments.
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.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
A inium is a territorial entity in or over which two or more sovereign powers simultaneously exercise sovereignty rights ing to formally agreed procedures.
The ownership structure is as follows: The UK equivalent of a inium is a commonhold property, with common areas and freehold areas (private areas). And flats in this case are owned by unit-holders.