Tip: Get more information on
Condominium Rentals 
Sponsered Link
|
Useful Tools
|
Recommended Books for Condominiums for Sale Worldwide
|
|
|
|
|
|
Condominiums for Sale
Condominiums
A condominium, or condo for short, is a form
of housing tenure. It is the legal term used in the United States
and in most provinces of Canada for a type of joint ownership of
real property in which portions of the property are commonly owned
and other portions are individually owned. In Australia and the
Canadian province of British Columbia, the legal term for this is
known as strata title. In Québec, it is known as syndicates of
co-ownership. Colloquially, the term "condo" is often used to refer
to the apartment unit itself in place of the term "apartment". This
clearly signifies ownership of the property.
...
Often, a condominium consists of units in a multi-unit dwelling (i.e.,
an apartment or a development) where each unit is individually owned
and the common areas like hallways and recreational facilities are
jointly owned by all the unit owners in the building. It is possible,
however, for condominiums to consist of single family dwellings:
so-called "detached condominiums" where homeowners do not maintain the
exteriors of the dwellings, yards, etc. or "site condominiums" where
the owner has more control over the exterior appearance. These structures
are preferred by some planned neighborhoods and gated communities.
A homeowners association, consisting of all the members, manages the
common areas usually through a board of directors elected by the members.
The same concept exists under different names depending on the jurisdiction,
such as "unit title", "sectional title", "commonhold," "strata council,"
or "tenant-owner's association", "body corporate" or "condominium
association." Another variation of this concept is the "time share".
Condominiums may be found in both civil law and common law legal systems
as it is purely a creation of statute.
The rules for condominium government or management are established in a
document commonly called a declaration of condominium. The owners and
occupiers of condominiums are subject to rules in the declaration of
condominium or created by the condominium association, such as paying
required monthly fees for maintaining the property's common areas.
Condominiums are commonly owned in fee simple title, but can be owned in
ways other real estate can be owned, such as title held in trust. Owners
can typically rent their condominiums to other people to occupy as tenants,
similar to renting out other real estate.
Excerpt of "Condominium." Wikipedia, The Free Encyclopedia.
17 Oct 2006, 22:27 UTC. Wikimedia Foundation, Inc. 24 Oct 2006
http://en.wikipedia.org/w/index.php?title=Condominium&oldid=82087788
|
Sep. 2006: Fast Feedback
Jan. 2007: New website design
Feb. 2006: Humain aided Websearch
