A condominium, or condo, is the form of housing tenure Housing tenure refers to the financial arrangements under which someone has the right to live in a house or apartment. The most frequent forms are tenancy, in which rent is paid to a landlord, and owner occupancy. Mixed forms of tenure are also possible and other real property Real property and personal property are the main classifications of property in the common law. Real property refers to land and the improvements made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property is also termed realty, real estate, and immovable property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. Colloquially, the term is often used to refer to the unit itself in place of the word "apartment". A condominium may be simply defined as an "apartment" that the resident "owns" as opposed to rents.
Condominium is the legal Law is a system of rules, usually enforced through a set of institutions. Laws can shape or reflect politics, economics and society in numerous ways and serves as a primary social mediator of relations between people term used in the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language and in most provinces of Canada The land occupied by Canada was inhabited for millennia by various groups of Aboriginal peoples. Beginning in the late 15th century, British and French expeditions explored, and later settled, along the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three. In Australia For at least 40,000 years before European settlement in the late 18th century, Australia was inhabited by indigenous Australians, who belonged to one or more of the roughly 250 language groups. After sporadic visits by fishermen from the immediate north and discovery by Dutch explorers in 1606, Australia's eastern half was claimed by Britain in 177 and the Canadian province of British Columbia The capital of British Columbia is Victoria, the fifteenth largest metropolitan region in Canada. The largest city is Vancouver, the third-largest metropolitan area in Canada and the second-largest in the Pacific Northwest. In 2009, British Columbia had an estimated population of 4,419,974 . The province is currently governed by Premier Gordon it is referred to as strata title Strata title is a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas. The 'strata' part of the term refers to apartments being on different levels, or "strata". In Quebec Quebec is the second most populous province, after Ontario. Most inhabitants live in urban areas near the Saint Lawrence River between Montreal and Quebec City, the capital. English-speaking communities and English-language institutions are concentrated in the west of the island of Montreal but are also significantly present in the Outaouais, the the term "divided co-property" (French French is a Romance language spoken as a first language by about 136 million people worldwide. Around 190 million people speak French as a second language, and an additional 200 million speak it as an acquired foreign language. French speaking communities are present in 57 countries and territories. Most native speakers of the language live in: co-propriété divisée) is used, although the colloquial name remains 'condominium'. In England The area now called England has been settled by people of various cultures for about 35,000 years, but it takes its name from the Angles, one of the Germanic tribes who settled during the 5th and 6th centuries. England became a unified state in AD 927, and since the Age of Discovery, which began during the 15th century, has had a significant and Wales Wales ( /ˈweɪlz/ Welsh: Cymru; pronounced [ˈkəmrɨ] (help·info)) is a country that is part of the United Kingdom, bordered by England to its east, and the Atlantic Ocean and Irish Sea to its west. Wales has a population estimated at three million and is officially bilingual; the indigenous Welsh language and English have equal status, and the equivalent is commonhold Commonhold is a system of property ownership in England and Wales. It was introduced by the Commonhold and Leasehold Reform Act 2002 as an alternative to leasehold, and is the first new type of legal estate to be introduced in English law since 1925, a form of ownership introduced in 2004 and still uncommon in most places. In France France is a founding member state of the European Union and is the largest one by area. France has been a major power for several centuries with strong cultural, economic, military and political influence in Europe and in the world. During the 17th and 18th centuries, France colonised great parts of North America; during the 19th and early 20th the equivalent is called copropriété (co-ownership), usually managed by the syndic. In New Zealand New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses , and numerous smaller islands, most notably Stewart Island/Rakiura and the Chatham Islands. The indigenous Māori language name for New Zealand is Aotearoa, commonly translated as The Land of the Long White Cloud. The Realm of New Zealand also an "apartment" refers to a unit that is owned, while a rented unit is referred to as a "flat". A Condo is an apartment where an owner may have neighbors above, below, or next door to their apartment.
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Overview
The difference between a condominium and an apartment is purely legal: there is no way to know a condo from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership. The same building developed as a condominium (and sold as individual units to different owners) could actually be built someplace else as an apartment building (the developers would retain ownership and rent individual units to different tenants).
Technically, a condominium is a collection of individual home units along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home (Anglo-Saxon law systems; different elsewhere). The boundaries of that space are specified by a legal document known as a Declaration, filed of record with the local governing authority. Typically these boundaries will include the drywall surrounding a room, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium’s creation. The corporation holds this property in trust on behalf of the homeowners as a group–-it may not have ownership itself.
Typically, a condominium consists of multi-unit dwellings (i.e., an apartment An apartment or flat (in British English and often associated with or miscontrued as social housing) is a self-contained housing unit (a type of residential real estate) that occupies only part of a building. Such a building may be called an apartment building or apartment house, especially if it consists of many apartments for rent. Apartments or a development) where each unit is individually owned and the common areas, such as hallways and recreational facilities, are jointly owned (usually as "tenants in common A concurrent estate or co-tenancy is a concept in property law which describes the various ways in which property is owned by more than one person at a time. If more than one person own the same property, they are referred to as co-owners, co-tenants or joint tenants. Most common law jurisdictions recognize tenancies in common and joint tenancies,") by all the unit owners in the building. A condominium also consists of bi-laws that all the home owners are supposed to follow such as indoor noise control.
It is also possible 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 and possible ownership (as in a "whole lot" or "lot line" condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods In 1915, Robert E. Park and E. W. Burgess introduced the idea of "neighborhood" as an ecological concept with urban planning implications . Since then, many concepts and ideas of a neighborhood have emerged. Milton Kolter defines a neighborhood as, “…a political settlement of small territory and familiar association, whose absolute and gated communities In its modern form, a gated community is a form of residential community or housing estate containing strictly-controlled entrances for pedestrians, bicycles, and automobiles, and often characterized by a closed perimeter of walls and fences. Gated communities usually consist of small residential streets and include various shared amenities. For.
A homeowners association A homeowners' association is an organization created by a real estate developer for the purpose of developing, managing and selling a development of homes. It allows the developer to exit financial and legal responsibility of the community, typically by transferring ownership of the association to the homeowners after selling off a predetermined (HOA), consisting of all the members, manages the condominium through a board of directors elected by the membership. The same concept exists under different names depending on the jurisdiction, such as "unit title", "sectional title", "commonhold Commonhold is a system of property ownership in England and Wales. It was introduced by the Commonhold and Leasehold Reform Act 2002 as an alternative to leasehold, and is the first new type of legal estate to be introduced in English law since 1925," "strata council," or "tenant-owner's association A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. The occupancy agreement specifies the co-op's rules", "body corporate", "Owners Corporation", "condominium corporation" or "condominium association." Boards are not regulated by any State or federal agency. Another variation of this concept is the "time share" although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law Civil law is a legal system inspired by Roman law, the primary feature of which is that laws are written into a collection, codified, and not determined by judges. Conceptually, it is the group of legal ideas and systems ultimately derived from the Code of Justinian, but heavily overlaid by Germanic, ecclesiastical, feudal, and local practices, as and common law Common law is law developed by judges through decisions of courts and similar tribunals , rather than through legislative statutes or executive branch action. A "common law system" is a legal system that gives great precedential weight to common law, on the principle that it is unfair to treat similar facts differently on different legal systems as it is purely a creation of statute This word is used in contradistinction to the common law. Statutes acquire their force from the time of their passage unless otherwise provided. Statutes are of several kinds; namely, Public or private. Declaratory or remedial. Temporary or perpetual. 1. A temporary statute is one which is limited in its duration at the time of its enactment. It.
The Cosmopolitan, a condominium in Singapore Singapore, officially the Republic of Singapore, is an island country off the southern tip of the Malay Peninsula, 137 kilometres north of the equator, in the Southeast Asian region of the Asian continent. It is separated from Malaysia by the Straits of Johor to its north, and from Indonesia's Riau Islands by the Singapore Strait to its south. AThe description of the condominium units and the common areas and any restrictions on their use is established in a document commonly called a "Master Deed" (also known as the "Enabling Declaration", the "Declaration of Conditions", or the "Condiminium Document") which authorizes a board of directors to administer the condominium affairs and to assess the owners for adequate maintenance. Rules of governance are usually covered under a separate set of Bylaws which generally govern the internal affairs of the condominium. Condominium bylaws usually establish the responsibilities of the owners' association; the voting procedures to be used at association meetings; the qualifications, powers, and duties of the board of directors; the powers and duties of the officers; and the obligations of the owners with regard to assessments, maintenance, and use of the units and common areas. Finally, a set of Rules and Regulations providing specific details of restrictions and conduct are established by the Board and are more readily amendable than the Declaration or Bylaws. Typical rules include mandatory maintenance fees (perhaps collected monthly), pet restrictions, and color/design choices visible from the exterior of the units. Generally, these sets of rules and regulations are made available to residents and or as a matter of public record via a condo or homeowners association website, or through public files depending on the state and its applicable laws. Condominiums are usually owned in fee simple A fee simple is an estate in land, a form of freehold ownership. It is the most common way real estate is owned in common law countries, and is ordinarily the most complete ownership interest that can be had in real property short of allodial title, which is often reserved for governments. Fee simple ownership represents absolute ownership of real title A title is a prefix or suffix added to someone's name to signify either veneration, an official position or a professional or academic qualification. In some languages, titles may even be inserted between a first and last name . Some titles are hereditary, but can be owned in ways that other real estate Real estate is a legal term that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location—immovable. Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction and include things such as commercial can be owned, such as title held in trust In common law legal systems, a trust is a relationship whereby property is managed by one person (or persons, or organizations) for the benefit of another. A trust is created by a settlor (or feoffor to uses), who entrusts some or all of their property to people of their choice (the trustees or feoffee to uses). The trustees hold legal title to. In some jurisdictions, such as Ontario Ontario is bordered by Manitoba on its west, Hudson Bay on its north, and Quebec on its east, and by five states of the United States to its south : Minnesota, Michigan, Ohio, Pennsylvania (Lake Erie) and New York. All but a small portion of Ontario's 2,700 km (1,677 mi) border with the United States follow inland waterways: from the west at Lake, Canada or Hawaii The state encompasses nearly the entire volcanic Hawaiian Island chain, which comprises hundreds of islands spread over 1,500 miles . At the southeastern end of the archipelago, the eight "main islands" are (from the northwest to southeast) Niʻihau, Kauaʻi, Oʻahu, Molokaʻi, Lānaʻi, Kahoʻolawe, Maui, and Hawaiʻi. The last is by USA, there are "leasehold condominiums" where the development is built on leased land.
In general, condominium unit owners can rent Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing machines to handbags and jewellry their home to tenants A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord, similar to renting out other real estate, although leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law.
In the United States, condominiums are regulated by "condominium associations". The associations are responsible for common areas within the building and in almost all circumstances the associations charge monthly dues above and beyond the mortgage.
Non-residential condominiums
Condominium ownership is also used, albeit less frequently, for non-residential land uses: offices, hotel rooms, retail shops, group housing facilities (retirement homes or dormitories), and storage. The legal structure is the same, and many of the benefits are similar; for instance, a nonprofit corporation may face a lower tax liability in an office condominium than in an office rented from a taxable, for-profit company. However, the frequent turnover of commercial land uses in particular can make the inflexibility of condominium arrangements problematic.
By country
United States
Aqua waterfront condos in Long Beach, California Long Beach is a large city located in southern California, USA, on the Pacific coast. It is situated in Los Angeles County, about 20 miles south of downtown Los Angeles. Long Beach borders Orange County on its southeast edge, United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language The interior of a loft A loft can be an upper storey or attic in a building, directly under the roof. Alternatively, it can be a loft apartment which is a large adaptable open space either created or converted for residential use condominium A historic mansion converted into luxury condominiums in Chicago Chicago ( /ʃɨˈkɑːɡoʊ/ or /ʃɨˈkɔːɡoʊ/) is the largest city in both Illinois and the Midwest, and the third most populous city in the United States, with over 2.8 million residents. Its metropolitan area, commonly named "Chicagoland", is the 26th most populous in the world, home to an estimated 9.7 million people spread, United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken languageThe first condominium law passed in the United States was in the Commonwealth of Puerto Rico Puerto Rico , officially the Commonwealth of Puerto Rico (Spanish: "Estado Libre Asociado de Puerto Rico" — literally Associated Free State of Puerto Rico), is a self-governing unincorporated territory of the United States located in the northeastern Caribbean Sea, east of the Dominican Republic and west of the Virgin Islands in 1958.[1] English Common law tradition holds that real property ownership must involve land, whereas the French civil law tradition recognized condominium ownership as early as the 1804 Napoleonic Code The Napoleonic Code — or Code Napoléon — is the French civil code, established under Napoléon I in 1804. The code forbade privileges based on birth, allowed freedom of religion, and specified that government jobs go to the most qualified. It was drafted rapidly by a commission of four eminent jurists and entered into force on March 21, 1804; thus, it is notable that condominiums evolved in the United States via a Caribbean The Caribbean is a region consisting of the Caribbean Sea, its islands , and the surrounding coasts. The region is located southeast of the Gulf of Mexico and North America, east of Central America, and to the north of South America government with a hybrid common-civil legal system. In 1960, the first condominium in the Continental United States was built in Salt Lake City, Utah.[citation needed] Initially designed as a housing cooperative A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. The occupancy agreement specifies the co-op's rules (Co-op), the Utah Condominium Act of 1960 made it possible for "Graystone Manor" (2730 S 1200 East) to be built as a condominium. The legal counsel for the project, Keith B. Romney is also credited with authoring the Utah Condominium act of 1960. Romney also played an advisory role in the creation of condominium legislation with every other legislature in the U.S. Business Week hailed Romney as the "Father of Condominiums".[citation needed] He soon after formed a partnership with Don W. Pihl called "Keith Romney Associates", which was widely recognized throughout the 1970s as America's preeminent condominium consulting firm.[2]
Although often mistakenly credited with coining the term "condominium", Romney has always been quick to point out that it harks back to Roman times, and that he merely borrowed it.[citation needed]
Nowadays, the leadership of the industry is dominated by Community Associations Institute The Community Associations Institute is an influential trade association and special interest group, dominated by lawyers and property managers, that petitions for legislative beneficence for its members or CAI.[citation needed]
Section 234 of the 1961 National Housing Act allowed the Federal Housing Administration The Federal Housing Administration is a United States government agency created as part of the National Housing Act of 1934. The goals of this organization are: to improve housing standards and conditions; to provide an adequate home financing system through insurance of mortgage loans; and to stabilize the mortgage market to insure mortgages on condominiums, leading to a vast increase in the funds available for condominiums, and to condominium laws in every state by 1969. Many Americans' first widespread awareness of condominium life came not from its largest cities but from south Florida, where developers had imported the condominium concept from Puerto Rico Puerto Rico is composed of an archipelago that includes the main island of Puerto Rico and a number of smaller islands, the largest of which are Vieques, Culebra, and Mona. The main island of Puerto Rico is the smallest by land area of the Greater Antilles. It, however, ranks third in population among that group of four islands, which also include and used it to sell thousands of inexpensive homes to retirees arriving flush with cash from the urban Northern U.S.[citation needed]
The primary attraction to this type of ownership is the ability to obtain affordable housing in a highly desirable area that typically is beyond economic reach. Additionally, such properties benefit from having restrictions that maintain and enhance value, providing control over blight that plagues some neighborhoods. Major American cities, including Miami The City of Miami is a major city located on the Atlantic coast in southeastern Florida, United States. Miami is the county seat of Miami-Dade County, the most populous county in Florida. It is the principal city and the center of the South Florida metropolitan area, which had a 2008 population of 5,414,712; ranking 7th largest in the U.S.. The, San Francisco San Francisco, officially the City and County of San Francisco, is the fourth most populous city in California and the 12th most populous city in the United States, with a 2008 estimated population of 808,977. The only consolidated city-county in California, it encompasses a land area of 46.7 square miles on the northern end of the San Francisco, Chicago Chicago ( /ʃɨˈkɑːɡoʊ/ or /ʃɨˈkɔːɡoʊ/) is the largest city in both Illinois and the Midwest, and the third most populous city in the United States, with over 2.8 million residents. Its metropolitan area, commonly named "Chicagoland", is the 26th most populous in the world, home to an estimated 9.7 million people spread, New York City New York is the most populous city in the United States, and the center of the New York metropolitan area, which is one of the most populous metropolitan areas in the world. A leading global city, New York exerts a powerful influence over global commerce, finance, media, culture, art, fashion, research, education, and entertainment. As host of the, Los Angeles, and Washington D.C., have abundant condo development.
In recent years, the residential condominium industry has been booming in all of the major metropolitan areas such as Miami, San Francisco, Seattle, Boston, and New York. It is now in a slowdown phase.[citation needed] According to Richard Swerdlow, CEO of Condo.com, "You're not going to see this giant overbuild again. It's hard to imagine that you'd see in the next decade what we just saw. Real estate brokers and the developers were in almost a ticket-collecting mode. They were processing orders because there was so much business to go around. Now that sort of investor phenomenon has gone away." He added, "That phenomenon has stopped."
An alternative form of ownership, popular in the United States but found also in other common law jurisdictions, is the "cooperative" corporation, also known as "company share" or "co-op", in which the building has an associated legal company and ownership of shares gives the right to a lease for residence of a unit. Another form is leasehold or ground rent in which a single landlord retains ownership of the land on which the building is constructed in which the lease renews in perpetuity or over a very long term such as in a civil law emphyteutic lease. Another form of civil law joint property ownership is undivided co-ownership where the owners own a percentage of the entire property but have exclusive possession of a specific part of the property and joint possession of other parts of the property; distinguished from joint tenancy with right of survivorship or a tenancy in common of common law.
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Sat, 31 Jul 2010 23:21:00 GMT+00:00
WECT-TV6 Anyone who owns a home, rental property, or condominium and was insured by State Farm between February 25, 2005 and June 28th, 2010 may have been ...
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to Kuala Lumpur and leaves behind a first class condo Aunt Clara has a full furnished condo for rent right at the doorstep to Ipoh city center you can t get a better accommodation in Ipoh Where and What s in it The unit of the Regency Terrance Condominium is located opposite of the Heritage Hotel and near the Ipoh Turf Club The Regency Terrace Condominium is one of the
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A St. Paul native put aside his dream of a floating retirement community when the recession hit. Now, he's reviving that vision with a sales ... twincities.com.
Horlic Lim
Wed, 18 Aug 2010 12:35:26 GM
Project: Kiara 9 Luxury Condo Location: Mont Kiara, Kuala Lumpur Developer: Mitrajaya Holdings Berhad Land Title: Residential (freehold) Target.
