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 Montgomery
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Multi-State
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Montgomery
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US-00455
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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.
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.
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.
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."
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.
Generally, a inium is a private residence that is rented out to tenants, it can be a flat/apartment or an independent house. But in modern use 'condo' is referred to apartments and flats only. Plus, iniums are owned and rented by individuals so renting a condo is more of a personal, one-on-one process.
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.