What is the meaning of the word condominium?

Answer 1

The word condominium generally means sharing ownership with others. A condominium is legal arrangement whereby multiple owners share ownership of real property. A portion of the property in the form of units is individually owned and the rest of the property is owned in common with all the unit owners subject to the provisions of the Declaration that created the condominium and to the provisions of state law.

Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas.

By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, can promulgate rules and regulations and assess monthly maintenance fees, the ownership of a condominium unit is considered a fee simple estate.

Answer 2

In Real Estate and Property Law: A condominium is defined as a building or complex in which units of property, such as apartments, are owned by individuals and common parts of the property, such as the grounds, common areas, facilities and building structure, are owned jointly by the unit owners.

In International Law: Joint sovereignty, especially joint rule of territory by two or more nations, or a plan to achieve it. This meaning is more of a concept than a reality and actual cases are rare.

Answer 3

Condominium is a type of real estate property, and they are also known as Condo. It is a unit that's owned individually, with the common areas of complex owned equally among all condo owners under the umbrella of an association. A condominium carries an individual deed for each unit. It is totally possible for a single purchaser to own every unit in a condominium development and operate it in the same manner as an apartment development. While those who rent apartments are treated to a full maintenance package, but if you own your own condo you will still enjoy the benefits of having some of the maintenance taken care for you. Condo homeowners' associations take care of the big things such as a leaky roof, broken furnace, and landscaping and grounds maintenance. Every time you make a payment on your condo, you are making an investment that you will hopefully be able to cash in on when it's time to sell. In addition, since you are an owner; you are eligible for various tax deductions that aren't available to renters. This includes mortgage interest, property tax, and PMI deductions.Usually buying a condo is quite affordable, but you should have reserve study report while buying a condominium. Whereas, facility advisors, can give you the most accurate reserve study for your condominium association.

Answer 4

This phrase applies to all the real estate assets owned by the condominium association.

A condominium property can refer to any real property that has been dedicated to function as a condominium under state laws that govern condominiums. Condominium projects can range from a single building divided into retail and office space, large, older single homes that have been converted to 2+ condominium units, and large tracts of land with hundreds of condominium units, pools and other luxurious amenities, and fine landscaping.

A condominium property can also refer to any unit within a condominium.

Answer 5

A condominium unit is owned in fee. The owner owns the unit in a multiple unit complex and a percentage of all the common areas in the complex. It may be owner occupied or offered for rent.

An apartment is a rental unit in a multiple unit building that has a single owner.

Answer 6

A condominium differs from an apartment in that a condominium is usually a little larger, oftentimes as big as a small house. Condos are usually purchased instead of rented.