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 Texas
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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.
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.
The Texas Uniform inium Act contains a provision which states that unless a declaration provides otherwise, a inium building may be terminated and sold if 100% of the owners agree. It also allows unit owners associations to adopt a rule allowing for a lower threshold of 80% of the votes.
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."
An example of a condo is a large apartment building where you own your individual apartment but also share in the maintenance of the building's roof, hallways, lobby, elevators, driveway, landscaping, pools, fitness center, and other amenities.
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.
If a building "goes inium" it changes from having rented apartments to having owned apartments.
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.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
Etymology. inium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'.
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A condominium, called "condo" for short, is a privately-owned individual unit within a community of other units. Condominiums are housing units in a large property complex that are sold to buyers.While apartments are generally rented, condos are owned. A condominium is generally defined as a system of separate ownership of individual units in multi-unit projects. Use of the condominium form of ownership can be a creative solution for problematic real estate development. A Condominium Information Statement (CIS) is the packet of documents provided to buyers purchasing a condo unit that is newly constructed or recently converted. A condo association, or condominium association, is a governing body established to manage and maintain a condominium community. Property taxes for condos work similarly to those for singlefamily homes. A condominium regime can also be structured so as to provide unit owners with real estate interests similar to those of a separate parcel. Any type of structure can be owned as a condominium, and each unit will be a "condo".