Define Condominium In Real Estate In Travis
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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.
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'.
Definition : Rental condo Term that refers to an apartment located in an immovable that is not held in divided co-ownership. This expression is used to describe an apartment that is rented out and that is located in a building with the same characteristics (e.g. a swimming pool, a community hall, a gymnasium, etc.)
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.
What exactly is a “site inium?” • The FHA definition of site iniums. o Site iniums: A inium project “that consists entirely of single- family detached dwellings.” These homes have no attached buildings, shared garages, etc.
The most important difference between an apartment and a inium is ownership. Indeed, an apartment is a residence that is rented, sometimes in a residential building. A condo has a similar structure, usually bigger than an apartment, but condos are owned.
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.
Last month Governor Ron De Santis signed HB 1021, which went into effect July 1, 2024, is meant to strengthen oversight of condo buildings and their boards, making them more accountable for maintenance, repairs, reserves, and bookkeeping.
In Florida, a inium declaration is considered to be a contract between a inium association and the unit owners.
Start by looking up the specific property, or even any unit in the same building, at the county property appraiser's website. Scroll down and click on the Book/Page of the last Warranty Deed . This will link to the clerk of courts website and open up a deed.
