Condominium Real Estate Definition In Phoenix
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The main difference between an apartment and a inium lies in ownership structure. In an apartment, tenants rent units from landlords or property management companies, with no ownership rights. In contrast, a inium involves individual ownership of units within a larger complex or building.
Townhouses have multiple stories in most cases and the neighbors are on each side. iniums are horizontal spaces. That's nice but your lender and bank have a different criteria. They rely on the county assessor to determine the type of property associated with an address.
Inium Rules means the Rules for the use of the Premises that are adopted from time to time by the Board of Directors. inium Rules . Your unit is confirmed with the understanding that you will adhere to the rules and regulations set by individual inium or homeowner associations.
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.
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.
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.
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.
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."
A townhouse owner will never have an owner above or below them. Townhouse owners will often times have a neighbor that shares a common wall. Townhouses in Arizona are often referred to as 'Patio Homes'.
