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Is a residential condominium community legally the same as a cooperative apartment community?
Wiki User
∙ 13y ago
It depends on what you mean by 'legally'.
Each is a legal business, often a non-profit corporation, and in that sense, then each is a legal entity. Each is operated by a board of directors which is elected by the membership -- owners.
Each type and each individual community operates its own private democracy under the guidelines written in the governing documents, which include conditions, covenants, restrictions and regulations (CC&Rs), By-laws and board resolutions plus any recorded amendments.
There are differences between condominiums and co-ops, especially financial differences. As well, definitions of ownership boundaries are different. You can often obtain a mortgage for a condominium, because title to real estate is offered for your unit. In a co-op, you purchase shares in the corporation and are assigned a living space.
Your governing documents will outline what you need to know about your condominium or co-op.
Wiki User
∙ 13y ago
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What is the difference between a condominium and an apartment?
The official difference is in ownership: an apartment is owned by a landlord who may also own other apartments in the same complex; a condominium is owned by a single owner and that ownership includes a percentage ownership in the community's common areas. A condominium may be in the style of an apartment, especially, in urban high-rise buildings.
How is a casita different from a condo?
Casita is a Spanish word that means small home, from casa.A condominium is a residential unit owned in a community.
Is a condominium like an apartment?
In some cases a condominium is like an apartment. However, a condominium is form of fee ownership ( each unit owner is the absolute owner of their unit) by which several owners share ownership of a building(s) by each owning their respective units. In a condominium scheme each unit owner also owns a proportionate interest in all other common areas of the project such as the grounds, pool, laundry facilities, community rooms, etc.An apartment is generally a rental unit in the US and Canada. In Europe, an apartment can be a rental unit or a unit in a building that is owned in fee much like a condominium.
Are beverages allowed at condominium pools in Florida?
There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..
How much does the average condo cost?
It depends on the location of the condominium, its size and the amenities included in the condominium community.
How did a residential condominium started?
Residential condominiums are started by developers who either buy existing high-density, multi-family housing and convert it to condominiums, or who build new properties. The price of each unit depends on the location of the community, the amenities included there, and the interior size and finishes of each unit.
How do you contact Condominium Associations directly?
A condominium association is the business entity involved in condominium ownership. The condominium association is usually a non-profit corporation, and is listed with the Secretary of State in the state where the condominium community is located.The Secretary of State's records are usually public records.As well, residents and owners of a condominium community should know who sits on the association's board of directors, and their contact details.You can also contact a condominium association through its property manager.
Are the common areas included in condominium title search?
Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.
What is the difference between Co-operative society and Condominium?
In USA, and possibly in other locales, condominium is unique to a form of real estate ownership. A condominium community is governed by a set of governing documents that usually defines a board of directors who operate the corporation, and more. In a cooperative society, there is no implied definition of real estate ownership, and the over-arching foundation is that everybody agrees about everything. A condominium can be regarded as a private democracy, where owners vote on some items, and board votes generally define action that is taken by the corporation.
How do you change a community lot into a residential lot on Sims 2 University?
ctrl+shift+c changelotzoning residential. then your community lot is a residential lot.... your welcome
What are the ratings and certificates for Community - 2009 Cooperative Calligraphy 2-8?
Community - 2009 Cooperative Calligraphy 2-8 is rated/received certificates of: Netherlands:AL
What are the ratings and certificates for Community - 2009 Cooperative Polygraphy 5-4?
Community - 2009 Cooperative Polygraphy 5-4 is rated/received certificates of: USA:TV-14
