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 New York
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The main difference comes down to ownership. iniums are owned by individuals and rented out privately (this is your typical landlord). In contrast, apartments are generally owned by property management companies who rent and manage all the units, creating a more standard approach and leasing process.
The inium Act is the New York State law which governs the establishment of iniums.
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.
Because the thing you're buying is an apartment, and the form of ownership is a inium. An “apartment” (i.e., a “dwelling unit”) in a multi-family building cannot be purchased separately unless it is part of a inium regime.
The main difference comes down to ownership. iniums are owned by individuals and rented out privately (this is your typical landlord). In contrast, apartments are generally owned by property management companies who rent and manage all the units, creating a more standard approach and leasing process.
When you buy a condo, you own your apartment and a percentage of the common area; when you buy a co-op, you buy shares in a corporation that is your building. Condos are often more expensive but have lower monthly costs.
A condo or a inium is defined as a living space closely resembling an apartment. The major difference is that a condo is an independently sold piece of real estate. Usually, condo owners share amenities such as parking lots, pools and gyms.
Over time, condos have the potential to appreciate in value, offering opportunities for long-term financial gain. However, it's important to consider factors like homeowners' association (HOA) fees and rules, which can affect the overall profitability of the property.
A condo or a inium is defined as a living space closely resembling an apartment. The major difference is that a condo is an independently sold piece of real estate. Usually, condo owners share amenities such as parking lots, pools and gyms.