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.
Define Condominium In Real Estate In Sacramento
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Sacramento
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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."
(b) A inium consists of an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map, or inium plan in sufficient detail to locate all boundaries thereof.
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.
To answer your other question, a single-family is legally defined as a property that is only meant to be occupied by one family. The owner typically owns the structure and the land it sits on. Whereas a condo is a unit within a larger building. The owner only owns their unit and not the entire building or the land.
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 condo owner only has possession over the inside of the unit, while a townhouse owner controls the interior, exterior and the land the structure sits on.
Kitchen appliances within the units are not considered part of the common elements of a inium project since they are typically owned and maintained by individual unit owners. Swimming pools and greenbelt areas are examples of common elements as they are shared facilities within the inium project.
The measure used to determine a condo owner's share of inium contributions (fees) and voting rights. Typically, unit factor is proportional to the size of the owner's inium unit.
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.
The ownership interests are usually expressed as percentages (such as . 833%), but sometimes as fractions (such as 1/120). For example, if all of the units are allocated an equal interest in a project that has 120 units, then each unit owner owns a . 833% interest in the common area.
