Condominium Real Estate Definition In Pennsylvania
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Pennsylvania Uniform inium Act C.S. §§ 3101 to. 3414) was adopted in 1980 to govern the formation and operation of iniums. Prior to the UCA, iniums in Pennsylvania were governed by the since-repealed Unit Property Act. By definition, a inium is a form of real estate ownership.
Buying a condo affords you certain rights such as exclusive ownership of your unit, the authority to rent or lease the unit, and the freedom to use shared facilities without fees. To have a pleasant condo living experience, keep in mind these legal rights for condo owners.
Ownership is the primary difference between a planned community and a inium. A inium must have common elements that are owned collectively by unit owners. Collective ownership is not required, however, in planned communities.
Pennsylvania Uniform inium Act §§ 3101 to. 3414) was adopted in 1980 to govern the formation and operation of iniums. Prior to the UCA, iniums in Pennsylvania were governed by the since-repealed Unit Property Act. By definition, a inium is a form of real estate ownership.
Ownership is the primary difference between a planned community and a inium. A inium must have common elements that are owned collectively by unit owners. Collective ownership is not required, however, in planned communities.
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.
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."
Pennsylvania's inium property acts require that a registered land surveyor prepare a plat showing the elevations of floors and ceilings on a vertical plane and the boundaries of a inium unit with reference to an official datum.
