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 Santa Clara
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Santa Clara
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US-00455
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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 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.
Condos have a special type of ownership title called a CCT - inium certificate of title. iniums usually have amenities, like swimming pools, owned parking, a clubhouse, and a building for administration.
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…
Types of inium Ownership Structures: Freehold iniums: Freehold iniums are the most common type of inium ownership structure. Leasehold iniums: Leasehold iniums are less common than freehold iniums. Common Elements iniums. Vacant Land iniums:
Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
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.
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 space is described in the inium plan, recorded final map, or parcel map. The legal description generally includes the word condo or inium, as well as the Tract number, Lot number, Unit number, and Building number.
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.
