Resources on Luxury Condominium Rentals

Luxury Condominium Rentals

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.
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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

Renting

Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company. The owner of the property may be referred to as the lessor and the party paying to use the property as the lessee or renter. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental. Examples include:

• Renting real estate for the purpose of Housing tenure (where the lessee rents a residence to live in), parking a vehicle(s), storage, business, agricultural, institutional, or government use, or other reasons. When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, often called a landlord. The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things. The rental agreement for real estate is often called a lease.

Luxury Condominiums

Luxury real estate (American English) or luxury property (British English) describes a niche in the real estate market dealing with the highest socio-economic group of property buyers. Since real estate buyers in this group tend to own many homes, the terms vacation property and second home are inaccurate.
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Differences from ordinary real estate
In addition to simply defining and classifying a property, Luxury real estate also carries with it a much weightier responsibility for those who serve the luxury real estate buyer or seller and that is due to the buyer or seller's ability to pay for added services and their expectation for performance of service. For example, a luxury seller expects a real estate agent selling their home to advertise nationally and sometimes internationally in luxury print media whereas a non luxury seller is usually satisfied with very localized advertising and exposure in the local Multiple Listing Service. Many luxury buyers expects a real estate agent to understand how to work with attorneys, trusts and anonymity. They expect a luxury agent to have resources at their disposal when needed that non luxury buyers wouldn't expect. Frequently a luxury home buyer will take a home through multiple inspections (perhaps 10 to 15 if the property is truly an estate), whereas a non-luxury home will typically go through one inspection.

Excerpt from "Luxury real estate." Wikipedia, The Free Encyclopedia. 13 Oct 2006, 18:21 UTC. Wikimedia Foundation, Inc. 29 Oct 2006 http://en.wikipedia.org/w/index.php?title=Luxury_real_estate&oldid=81252028