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A time share condominium is a scheme under which individual owners can purchase the use of a condominium by the week, usually in a resort or other vacation destination. Buyers do not own any fee interest in the until. They own the right to use it for a certain time period. For example, a friend owns a three week time share in a beachfront condominium in Nassau. They have assigned weeks every year. Another friend owns a four week time share through a major resort hotel chain that can be used in numerous resorts around the US.
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How a time share works?
A time share works by you paying a percentage of a total for a house, condominium or apartment. Other people pay the rest of the percentage and you all share the property.
How does a time share work?
A time share works by you paying a percentage of a total for a house, condominium or apartment. Other people pay the rest of the percentage and you all share the property.
What is the difference between a condominium hotel and a time-share?
The difference is in the ownership of the property. Read your governing documents to determine if time-share use is permitted by owners. The definition for a hotel implies irregular lengths of stay, as does time-share. The difference is in who owns the unit. A condominium unit owner may not be able to use the unit as a time-share unit; whereas a hotel unit can be used for irregular lengths of stay.
Why is Condominium is so expensive?
Condominium ownership is a form of real estate ownership whereby an owner is responsible for both the costs of the unit, and for a share of the expense related to the upkeep of the whole community.
When you own a condominium are you responsible for the exterior of the residence or building?
Read your governing documents to determine who owns the outside of the condominium. Typically, the 'outside' is owned by the association, and of which you share ownership with all other owners. Ownership determines maintenance.
What is a highrise condominium?
A high rise condominium is a tall building with condominium units.
Is condominium unit considered real property?
Yes. A condominium is real property and is an estate owned in fee: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. 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.
What is the difference between a condominium unit and a condominium phase?
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
How do you differentiate a condominium from a guest house?
Condominium is a form of real estate ownership whereby all owners share ownership of the real estate assets, and own some assets individually. A guest house is a structure that can be owned under any form of real estate ownership .
When was the declaration of condominium of oceanquest condominium recorded?
You can find the answer you want in your local hall of records where the Oceanquest Condominium is located.
When was Carbonell Condominium created?
Carbonell Condominium was created in 2005.
When was Atlantis Condominium created?
Atlantis Condominium was created in 1982.
