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 Minnesota
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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."
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.
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.
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.
Inium structure means the principal building or structure intended for or constructed upon a lot or building site, together with any attached accessory structures; e.g. in a residential development, the inium structure would refer to the house and any attached garage.
Common Interest Communities include (iniums, Planned Communities, Co-ops). CIC are prepared by a Licensed Land Surveyor in ance with, Minnesota Statute 515A and Minnesota Statute 515B. There are five recorded iniums and nine recorded Common Interest Communities in Itasca County.
Condos and Co-Ops. iniums (condos) and cooperatives (co-ops) are housing options for people who want to live with others in a community setting and want to share ownership in the place where they live.
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.
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.