Condominium Real Estate Definition In Ohio
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Ohio HOA's are required to organize as nonprofit corporations. O.R.C. §5312.03(B). Thus, with regard to its organizational structure and general management, an association is subject to the authority of the Ohio Secretary of State.
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.
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.
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."
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.
A project comprised of two, three, or four residential units in which each unit is evidenced by its own title and deed. A two- to four-unit condo project may be either a new or established project and may be comprised of attached and/or detached units. A project consisting partially or solely of manufactured homes.
Expert-Verified Answer The best description of inium ownership is that the space inside the unit belongs to the unit owner, while all owners share ownership of the common elements.
