Define Condominium In Real Estate In Washington

State:
Multi-State
Control #:
US-00455
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Word; 
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Description

In Washington, a condominium is defined as a form of housing ownership in which individual units are owned privately, while common areas and facilities are owned collectively by the condominium association. The Contract for the Sale and Purchase of Real Estate Developed Condominium Unit is a critical document that outlines the terms and conditions for the sale of such properties. Key features of the form include a detailed property description, purchase price, closing costs, and provisions for title conveyance. It also sets forth the responsibilities for insurance, property taxes, and potential proration of fees. The form is designed to be filled out with clear, direct instructions, making it accessible to users with varying levels of legal experience. Specific use cases for attorneys, partners, owners, associates, paralegals, and legal assistants include facilitating property transactions, clarifying buyer and seller obligations, and ensuring compliance with state regulations related to condominiums. The document helps ensure transparency and legal security for all parties involved in the real estate transaction while protecting their rights and investments.
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FAQ

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.

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."

Condo Association's Plumbing Responsibilities Generally, the association is accountable for maintaining and repairing plumbing systems in common areas and shared spaces .

Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.

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.

What is a resale certificate? A condo resale certificate is a collection of documents that provides detailed information about a specific condo unit plus the condo development as a whole.

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Define Condominium In Real Estate In Washington