Condominium Real Estate Definition In Montgomery
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Inium Project means a real estate inium project; a plan or project whereby two or more units, whether contained in existing or proposed apartments, commercial or industrial buildings or structures, or otherwise, are separately offered or proposed to be offered for sale.
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'.
The major difference between a inium and a PUD is that the owner of a unit within a PUD also owns the lot under the unit which has been conveyed to them as shown in the recorded Tract Map or Parcel Map-and the structure and improvements thereon.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
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.
If a building "goes inium" it changes from having rented apartments to having owned apartments.
While homeowners' associations in Maryland are governed by the federal FDCPA, the state also has an additional legislature that regulates the collection of debt at the state level.
Contact the Attorney General's Consumer Protection Hotline at 1-888-743-0023 or use their website.
Federal Laws - In addition to state law regulations, the federal government has laws that govern the operation and management of common interest communities, iniums, cooperatives, and residential properties in the state of Maryland.
Section 11-111 - Rules and regulations (a) (1) The council of unit owners or the body delegated in the bylaws of a inium to carry out the responsibilities of the council of unit owners may adopt rules for the inium if: (i) Each unit owner is mailed or delivered: 1. A copy of the proposed rule; 2.
