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.
Define Condominium In Real Estate In Mecklenburg
Category:
State:
Multi-State
County:
Mecklenburg
Control #:
US-00455
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
In inium associations these “common areas” are owned in common by all the property owners within the development. In townhome developments these are more commonly owned by the homeowners association for the benefit of the association's members.
Condo owners share ownership of the common areas with other owners, while common areas in townhouse developments are usually owned by the homeowners' association for the benefit and use of unit owners.
Finding the Right Condo: Tips for Selecting the Ideal Condo Unit Consider the Location. Evaluate the Developer's Reputation. Check the Amenities and Facilities. Assess the Unit Layout and Size. Understand the Fees and Costs. Review Security Measures. Consider the Future Resale Value.
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, 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.
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.
Condo financial statements assist in making sure the inium Corporation is prepared appropriately for the future. It's used by a variety of stakeholders to understand the financial health of the inium corporation.
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 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."