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 San Jose
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San Jose
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If you are seeking to sell or otherwise convey your accessory dwelling unit (ADU) as a property separate from a primary residence, you must first apply for a inium conversion of the residence and ADU.
Currently, ADUs in California may not be sold separately from the main property, other than by non-profits. However, AB 1033 removed the state-level restriction, meaning that individual cities and counties can now choose to allow homeowners to sell ADUs as standalone properties.
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.
What is the difference between a flat and a condo? 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.
A condo building is a large property complex divided into individual units, each separately owned. Condo buildings give you an exclusive living space stacked in a community setting. You own your unit, but you also share ownership of the common areas and facilities with your fellow residents.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
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.
(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.
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."
