condominium

Definition of condominium in English English dictionary: a building in which each unit is owned by an individual but the grounds, structure etc is owned jointly; joint sovereignty over a territory; the legal tenure involved; a unit or apartment in such a complex; Ownership - The individual outright ownership of a single unit in a multi-unit property together with an interest in the common elements of that property; housing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned; A residential property with 2 or more units where each unit owner holds title to a unit and an undivided interest in the common areas of the project; A condominium is one of the privately owned apartments in a condominium. In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. This type of ownership has been present in Europe since the end of the Middle Ages; in the U.S. it dates to the latter half of the 19th century and has been popular in crowded urban areas. An alternative to the condominium is the cooperative, in which residents own a share of a corporation, with each share entitling the owner to reside in a particular unit in the building; An individually owned unit within a multi-unit building where others or the Condominium Owners Association share ownership of common areas such as the grounds, the parking facilities and the tennis courts; Type of dwelling where the structure is owned jointly while spaces within the structure are owned individually Special property and liability forms cover the interests of the condominium association and of unit owners; A form of property ownership in which the homeowner holds title to an individual dwelling unit, an undivided interest in common areas of a multi-unit project, and sometimes the exclusive use of certain limited common areas; housing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned one of the dwelling units in a condominium; A form of property ownership in which the homeowner holds title to an individual dwelling unity plus an interest in common areas of a multi-unit project; Individual ownership of a dwelling unit and an individual interest in the common areas and facilities that serve the multi-unit project; Individual ownership of a dwelling unit and an individual interest in the common areas and facilities which serve the multi-unit project; A unit in a multiunit building The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areas but does not own the common elements such as the exterior walls, floors and ceilings or the structural systems outside of the unit; these are owned by the condominium association There are usually condominium association fees for maintenance for building and property upkeep, taxes and insurance on the common areas and reserves for improvements; The absolute ownership of an apartment or a unit (generally in a multi-unit building) based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners; a form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas; A structure of two or more units, the interior space of which are individually owned; the balance of the property is owned in common by the owners of the individual units; one of the dwelling units in a condominium; A form of ownership where the dwelling units are individually owned and homeowners share ownership of common areas such as the grounds, the parking facilities and the tennis courts; Individual ownership of a portion of a building, with common areas shared by all owners Maintenance fees called "assessments" are paid to the condominium association to maintain, repair, or improve the property; A form of real estate ownership where the owner receives title to a particular unit and has a proportionate interest in certain common areas The unit itself is generally a separately owned space whose interior surfaces (walls, floors and ceilings) serve as its boundaries; A condominium is an apartment building in which each apartment is owned by the person who lives there; A real estate project in which each unit owner has title to a unit in a building, and undivided interest in the common areas of the project, and sometimes the exclusive use of certain limited common areas; A form of property ownership in which the homeowner holds title to an individual dwelling unit and a proportionate interest in common areas and facilities of a multi-unit project; An individually owned living unit that is part of a building with many such units As an owner of the condo, you typically have an ownership interest in the common areas of the complex, such as the land, parking facilities, recreation areas, and other common areas; A structure of two or more units, the interior space of which are individually owned: the balance of the property (both land and building) is owned in common by the owners of the individual units The size of each unit is measured from the interior surfaces (exclusive of paint or other finishes) of the exterior walls, floors, and ceiling The balance of the property is called the common area; {i} joint dominion over a territory; apartment building in which the apartments are individually owned; apartment in such a building; A real estate project in which each unit owner has title to a unit in a building, an undivided interest in the common areas of the project, and sometimes the exclusive use of certain limited common areas; A form of property ownership in which the home owner holds title to an individual dwelling unit plus an interest in common areas of a multi-unit project; A real estate development in which each unit owner has title to a unit in a building and an undivided interest in all the common areas of the project Unit owners sometimes also have the exclusive use of certain limited common areas Sometimes called a "condo"; an estate in real property which consists of an undivided interest in a portion of real property held in common with other owners (called common area) coupled with a separate, individual interest in space called a unit, the boundaries of which are described on a recorded map or condominium plan; A form of property ownership in which the homeowner holds title to an individual dwelling unit plus an interest in common areas of a multi-unit project
condominium conversion: Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership (Source: FNMA Selling Guide, Glossary)
condominium conversion: The change in title from a single owner of an entire project or building to multiple owners of individual units
condominium conversion: Changing the title on a property so that instead of being owned by a single person, each unit in the building is individually owned
condominium conversion: The changing of a rental property (two or more units) to the condominium form of ownership Physical changes, as well as paperwork, may be necessary to conform to building and safety codes
condominium conversion: Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership
condominium conversion: Changing the ownership of an existing rental complex or building to the condominium form of ownership
condominium conversion: Conversion of existing housing to condominium ownership is regulated by Alameda Municipal Code No conversion of rental housing is allowed when the ratio of owner-occupied units exceeds 60 percent of the total units available Existing tenants not in arrears must be given a 60-day non-transferable right of first refusal for the purchase of his/her rental unit Developers subdividing properties for the purpose of creating condominiums must prepare a relocation assistance program to be approved by the planning board
condominium conversion: Changing the ownership of an existing building (usually a rental property) to the condominium form of ownership
condominiums: Fee ownership of individual units in a multifamily setting and a share of undivided interest in the common areas of the development
condominiums: A condominium is a home in a shared building or development The buyer gets title the space inside the unit, shares the common areas with other unit owners and pays a maintenance fee to the condominium association to pay for needed maintenance, repairs and improvements to the property
condominiums: (Condo) In condominium buildings the apartments are owned by the individual who buys it The owner has the right to do whatever they want with the apartment (within the guidelines of the board) If they decide to rent the apartment the rent is not regulated by anything more than what they can get for the apartment Condominiums can be sold without board approval and can be owned by Corporations There can be no underlying mortgage on a condominium building Monthly charges include RET (real estate taxes) and CC (carrying charges) Condominium apartments are usually smaller and more expensive than coops and the buildings usually have more amenities such as pool & health club