Condominium Real Estate Definition In San Diego
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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 only has possession over the inside of the unit, while a townhouse owner controls the interior, exterior and the land the structure sits on.
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.
Additionally, condo owners often don't own the land their unit is built on—they lease it from the condo association—which can lead to different restrictions regarding renovations or modifications.
Additionally, condo owners often don't own the land their unit is built on—they lease it from the condo association—which can lead to different restrictions regarding renovations or modifications.
(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.
Generally, a inium is a private residence that is rented out to tenants, it can be a flat/apartment or an independent house. But in modern use 'condo' is referred to apartments and flats only. Plus, iniums are owned and rented by individuals so renting a condo is more of a personal, one-on-one process.
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.
