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 Queens
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Queens
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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.
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 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.
A condo owner. Basically, the British say flat, not apartment. The ownership structure is as follows: The UK equivalent of a inium is a commonhold property, with common areas and freehold areas (private areas). And flats in this case are owned by unit-holders.
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.
Condo Owner Rights: The Right to Protest When board members fail to meet their fiduciary duties, condo members can remove the board members who are abusing their authority. Condo owners also have the right to protest any regulations that are discriminatory, unfair, or onerous.
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.
Under the current system, co-ops and condos are required by New York State Real Property Tax Law (RPTL §581) to be assessed as if they were hypothetically rental properties, rather than based on their actual sales prices. The DOF uses comparable rental properties to determine the market value for co-ops and condos.