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 Middlesex
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Multi-State
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Middlesex
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US-00455
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A condo owner. Basically, the British say flat, not apartment. 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.
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.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
If a building "goes inium" it changes from having rented apartments to having owned apartments.
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.
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.
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'.
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."
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.
AmericanBritish apartment house or apartment building block of flats apartment hotel service flats condo/inium owner-occupied flat duplex semi-detached house1 more row
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A condominium is a property that is part of a larger whole. This form is to be used when submitting a proposed plan of subdivision or plan of condominium to the.County of Middlesex as the Approval Authority. Condominiums are housing units in a large property complex that are sold to buyers. While apartments are generally rented, condos are owned. Condos are homes in a housing development with individual units, each with a separate owner. A condo is a detached, single-family house in a development with an HOA that takes care of all maintenance and repairs. The owner occupancy ratio is a term you see when purchasing a condominium. Most lenders require a homeowners questionnaire. A condominium or condo is a designation given to homes that are attached to one another in one or more ways.