Condominium Real Estate Definition In Washington
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A inium, or condo, is an individually owned residential unit in a complex or building of like units. Condo owners own their units but share common spaces, amenities, and other resources.
Real property is a broader term and includes the land itself and any buildings and other improvements attached to the land. It also encompasses the rights of use and enjoyment of certain land, as well as any of its improvements.
Generally, windows on the condo unit's exterior walls are usually classified as a type of “exclusive common element.” This means the outside part of the window may be the responsibility of the COA, while the inside portion of the window is typically the responsibility of the condo owner, as the condo owner exclusively ...
Buildings and Structures: Any buildings, homes, or other structures that are permanently affixed to the land are considered real property. This can range from a residential home to a commercial office tower or an industrial warehouse.
A condo is a multi-unit residential complex. Each unit in the complex is owned, not rented. If a unit is rented, it is rented directly from the individual owner of that unit.
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.
As there defined, "real property" includes but is not limited to the following: (1) All land, whether platted or unplatted. (2) All buildings, structures or permanent improvements built upon or attached to privately owned land.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas. (informal condo) an apartment in a inium.
Inium Rules means the Rules for the use of the Premises that are adopted from time to time by the Board of Directors. inium Rules . Your unit is confirmed with the understanding that you will adhere to the rules and regulations set by individual inium or homeowner associations.
