Condominium Meaning In Real Estate In Middlesex
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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
