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 Real Estate Definition In Philadelphia
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Philadelphia
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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.
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.
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.
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 Prior to the UCA, iniums in Pennsylvania were governed by the since-repealed Unit Property Act.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.
Flat and condo are the same thing – a set of rooms that is on one floor. In USA, a flat is usually rented, while a condo is owned.
With PUDs, the owner owns the actual lot or ground underneath the unit. With condos, the owner owns an equal and undivided interest in the entire condo project's lot (and common areas).
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.
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 Prior to the UCA, iniums in Pennsylvania were governed by the since-repealed Unit Property Act.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.
In a inium, the common facilities are owned directly by the unit owners as an interest appurtenant to the units. In a planned community, the common facilities are owned by the association, and each unit owner has a membership interest in that association because they hold the title to their unit.