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 Minnesota
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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.
One is a inium, a multiunit property that is divided and sold into individual units. Compared with single-family dwellings, owning a inium includes partial ownership of a shared common property. This aspect of owning a condo can represent unique challenges for buyers.
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.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
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'.
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.
If a building "goes inium" it changes from having rented apartments to having owned apartments.
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas. (informal condo) an apartment in a inium.