The ownership of a separate amount of space in a multiple dwelling or other multiple-occupancy building with proportioned tenancy in common ownership of common elements used jointly with other owners.
A form of property ownership whereby the purchaser receives title to a unit in a multiunit structure and a proportionate interest in common areas.
Form of ownership in which each unit is separately owned. Individual ownership is of the interior unit only. All complex tenants own joint title to the common areas.
An undivided interest in a common area with the other owners coupled with a separate interest in a space called a unit.
Type of dwelling where the structure is owned jointly while spaces within the structure are owned individually. Special property and liability forms cover the interests of the condominium association and of unit owners.
Housing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned
An individually owned unit in a building with many units.
A form of ownership in real property where the owners have title to only of an apartment or townhouse. The common areas and the building exteriors are owned jointly. All owners have generally rights to all common areas.
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 and building structure, are owned jointly by the unit owners.
A property owner as a group where each owner holds title to a specific unit and has an undivided interest in the common areas. This type of property has no ownership rights to the land. A Home Owners Association (HOA) is the governing body for a condominium.
A form of real estate ownership in which each owner has title to a specific unit in a project and joint ownership in the common areas of the project.
System of individual ownership of units in a multifamily or other structure, combined with joint ownership of common areas of the structure and the land.
Any home with a condominium association which owns the land and does some degree of maintenance/insurance.
A structure of two or more units in which the homeowner holds title to an individual dwelling unit, an undivided interest in common areas of a multi-unit project, and sometimes the exclusive use of certain limited common areas. The balance of the property is owned in common by the owners of the individual units.
A form of homeownership in which the home buyer receives exclusive title to the interior space of a multi-unit structure (usually an apartment building or a townhouse), and shares title to the common areas of the residential property (for example, parking lots or a swimming pool).
A special form of property ownership whereby the owner receives full property rights and interest in a specifically described part of the structure and an undivided interest in the common areas and land. This type of ownership requires a master deed conforming to local statutes.
a building that consists of separate apartments, each of which is owned by the people living in it; a single apartment in one of these buildings ..... return
(Flat) A building containing two or more housing units with the common parts owned jointly and maintained by a management company.
A condominium is a real estate project in which each unit owner has title to a unit in the building, as well as access to the common areas of the building.
Individual ownership of a portion of a building, with common areas shared by all owners. Maintenance fees called "assessments" are paid to the condominium association to maintain, repair, or improve the property.
A type of property ownership in a multi-unit structure that combine joint ownership of common areas.
A form of ownership in which the resident purchases a specific unit in a condominium complex where service and central spaces are owned in common. Residents pay a monthly service and operating fee.
An apartment, often with community amenities, e.g. a swimming pool.
Real estate in which each unit is individually owned but the common areas are jointly owned by all of the owners. They usually form a homeowners association and each owner pays a monthly fee for upkeep of the common areas.
A condominium is a unit of a multi-unit housing structure with a proportional interest in the common areas.
A form of ownership in which each unit is separately owned space to the interior surfaces of the perimeter walls, floors and ceilings. Title to the common areas is usually referred to in terms of percentages.
A form of property ownership in which the home owner holds title to and individual dwelling unit, an undivided interest in common areas of a multiunit project, and sometimes the exclusive use of certain limited common areas.
Real estate ownership in which a property owner has title to a specific unit, but shared interest in the common areas.
Sovereignty exerted jointly by two or several states on the same country (France and United Kingdom for Vanuatu before 1980).
A building containing units that are individually owned, could be a warehouse, an apartment, townhouse, etc.
An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest space called a unit, the boundaries of which are described on a recorded final map, parcel map, or condominium plan. The areas within the boundaries may be filled with air, earth, or water or any combination and need not be attached to land except by easements for access and support.
One unit in a complex of many. When you purchase a condominium, you solely own what is inside your walls and you jointly own the hallways, exterior and common areas. You also pay a monthly fee for the maintenance of these areas.
A form of ownership in which separate units of three-dimensional airspace are owned by individual owners. The individual owners also jointly own an undivided interest in the common areas such as hallways, swimming pools, and land. Sometimes referred to as a vertical subdivision.
A real estate project in which the owner of each unit has title to a unit in a building, an undivided interest in the project's common areas, and sometimes the exclusive use of certain limited common areas.
Individual ownership of a unit in a multi-unit structure or on land owned in common.
A form of real estate ownership. The owner receives title to specific real estate and interest in common areas.
Ownership of a unit in a multi-unit building based on the three-dimensional legal description of the airspace the unit actually occupies; ownership of the common areas and amenities is shared equally among all the owners.
A unit of housing in a multi-unit complex; typically the condominiums owners share financial responsibility for common areas and exterior maintenance. The land is not owned by the condominium owner, instead it is owned by the condominium association.
Individual ownership of a unit in a multi-unit building with an undivided interest in
is usually a housing unit in an apartment building or a townhouse complex. The purchaser owns the unit itself and also a share in the common elements for which he/she pays a monthly fee. The common elements are such things as elevators, halls, parking areas, landscaping.
a system of ownership of individual units in a multi-unit structure, combine with joint ownership of commonly used property such as sidewalks, hallways and stairs.
A residential structure in which apartments or townhouses (units) are individually owned as pieces of real estate while the land and common facilities are jointly owned.
A condominium refers to a form of legal ownership of a building and property, which consists of two parts. The first part includes common property, such as roads, parking spaces, recreational facilities, elevators and lawns. Each owner owns a proportionate share of the common property. The second part, called a unit, is owned by and registered in the name of the purchaser of the unit. Condominiums can be residential, commercial, or both. In standard or regular condominiums, a building is divided into units. Typically standard condominiums are usually known as townhouse or apartment condominiums. The Condominium Property Act, 1993 governs the formation of condominiums and defines the rights and responsibilities of condominium developers, owners and boards.
Type of ownership in a development where the owner holds fee simple title to the air space and/or interior walls within a given building. The owner also holds title as tenants in common with the rest of the owners to the common areas.
The composite of individual ownership and exclusive possession of airspace in a multi-unit building with collective ownership in, and rights of possession to, common facilities.
A form of property ownership in which each occupant of a multiunit building owns his or her dwelling unit separately and an undivided interest with other owners in the property's common elements (lobbies, hallways, etc.).
Ownership of a single unit in a multiunit building or complex of buildings. Along with this goes a share of ownership of the common areas.
It is a type of property ownership whereby the owner owns a common interest in the land.
A form of property ownership in which the home owner holds title to an individual dwelling unit plus an interest in common areas of a multi-unit project.
A form of real property ownership where the owner receives title to a specific unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose walls, floors and ceilings (interior surfaces) serve as its boundaries.
A building or group of buildings in which each unit owner has title to a specific unit. They may also have the exclusive use of certain common areas. See Also co-op.
A form of property ownership in which the owner holds title to an individual dwelling unit, while the facilities and common areas are owned collectively by the owners of a multi-unit project.
A form of ownership in real property in which an owner holds title to a particular unit and proportionate title to certain common areas. Also used in reference to an individual unit in a condominium project.
A unique form of home ownership in which the property owner has title to a housing unit, and also owns a share in the "common elements" of the property such as: hallways, garage, elevators and land.
Ownership of a unit only, rather than of the entire building.
A form of real property ownership consisting of (1)ownership of an individual apartment unit and (2)an undivided interest in the common elements. The common elements include the land (either leasehold or fee simple), and those parts of the building intended for common use such as foundations, roofs, halls, elevators & the like. Each condominium apartment may be sold separately from all other units.
Refers to a form of real estate ownership. Here, the owner holds title to a specific unit or dwelling while also holding an interest the property's common areas.
The absolute ownership of an apartment and an undivided interest of the ownership of the common elements of the building. Usually there is no board approval to rent such an apartment. You generally deal directly with the owner or the managing agent that represents the owner.
the co-ownership of property.
A real estate project in which each unit owner holds title to an individual unit in a building, and an undivided interest in the common areas.
A system of real estate ownership wherein there is separate ownership of units in a multi-unit project with each separate unit ownership being coupled with an undivided share in the entire project less all of the units.
A form of real estate ownership where the owner received title to a particular unit and has a propertionate interest in certain common areas. The unit itself is genearlly a separately owned space whose interior surface (walls, floors and ceilings) serve as it's boundaries.
a structure sub-divided into individual units which are individually owned, with additional land and building property which is commonly owned by the individual owners.
A form of real estate ownership, usually residential property, in which the owners own their proportionate share of a fee interest as well as an undivided proportionate share of all common areas.
A form of joint ownership and control of property in which specified air space (inside dwelling) is owned individually while the common elements of the building (outside walls) are jointly owned.
Individual ownership of an apartment and an undivided interest in the common areas and facilities which serve the multi-unit property.
A type of property that includes at least two units, with each unit owned by a different individual. These units share common areas and facilities, such as a parking garage.
A type of real estate property that is one unit in a larger building holding many units.Ownership of a condominium requires the payment of a regular fee to the managers of the building but entitles the owner to own parts of the common areas of the building.It is possible to buy condominiums that have been foreclosed for a fraction of the price of regular condominiums - however, you will still be responsible for the fee to the property manager.
A real estate project in which each unit owner has title to a unit in a building, an undivided interest in the common areas of the project, and sometimes the exclusive use of certain limited common areas.
A form of real estate ownership in which a property is divided into individually-owned units and common areas, the common areas being owned by the unit owners in undivided shares.
A statutory form of real estate development of separately-owned units and jointly-owned common elements in a multi-unit project.
A form of ownership in which the homeowner holds title to an individual dwelling unit and interest in the common elements that are owned jointly with the other condominium dwelling – unit owners.
A system of individual fee ownership of units in a multi-unit structure, combined with joint ownership of common areas of the structure and land.
A multifamily or other structure in which individual units are individually owned and in which owners of individual units also own an undivided interest in common areas.
Ownership in which owner has title to a dwelling unit and owns a share of the common elements - e.g. elevators, hallways and the land.
Individual ownership of a unit within a building or development with common areas owned by all residents. The individual owners own the interior space of the dwelling. They do not own the land the condominium sits on.
A form of property ownership wherein the owner has exclusive title to a unit within a project or building, in addition to a share of ownership in the common elements of the building or property. Common elements may include land, clubhouses, garbage removal and upkeep services, road maintenance, swimming pools, and so on. Condominium fees are paid by each unit owner, in addition the mortgage payment, in order to maintain the common elements.
A type of property ownership in which the buyers own their own homes, usually single units in a multiunit building. All the buyers share ownership of the common areas and pay a monthly maintenance charge.
Real estate that includes the separate ownership of a specified unit with undivided interest in the ownership of the common elements which are owned jointly with the other condominium unit owners.
A type of property that includes individual ownership of one unit in a multi-unit dwelling, and an undivided interest in the common area and facilities that serve the entire multi-unit project.
A way to own your own apartment in a apartment building or townhouse complex. In a condominium, residents actually "own" their own apartments, but a separate corporation owns the whole building.
Type of real estate ownership where the owner has title to a specific unit and shared interest in common areas.
A building where individuals own individual units but share common areas with the other unit owners of the building. A more liberal type of ownership than Coops, Condominiums also have more lenient policies regarding subletting and pets.
An individually owned unit within a multi-unit building where others or the Condominium Owners Association share ownership of common areas such as the grounds, the parking facilities and the tennis courts.
An individually owned living unit (typically, an apartment) that is part of a building with many such units. As an owner of a condo, you typically have an ownership interest in the common areas of the complex, such as the land, parking facilities, swimming pool, and so on.
Ownership which involves a separation of property into individual ownership elements and common ownership elements.
A system of individual fee simple ownership of portions (units) in a multi-unit structure, combined with joint ownership of common areas. Each individual may sell or encumber his own unit.
Applies to a specific type of proper ownership. The legislation governing condominiums is the exclusive jurisdiction of the province.
A unit in a multiunit building. The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areas but does not own the common elements such as the exterior walls, floors and ceilings or the structural systems outside of the unit; these are owned by the condominium association. There are usually condominium association fees for maintenance for building and property upkeep, taxes and insurance on the common areas and reserves for improvements.
The owner has title to a single unit, as well as a share in the common elements such as elevators or surrounding land.
A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.
A Form of ownership where the dwelling units are individually owned and homeowners share ownership of common areas.
Individual ownership of a dwelling unit and an individual interest in the common areas and facilities which serve the multi- unit project.
A condominium is an apartment building or multiple-unit housing area in which the living units are owned individually.
A form of home ownership in which the owner owns the airspace within the walls, but doesn't own the actual walls, ceilings or floors of his home. The owner also may own a percentage of the common areas such as a swimming pool.
A real estate A form of ownership of real property project in which each unit owner has titleto a unit in a building, an undivided interest in the common areas of the project, andsometimes the exclusive use of certain limited common areas. A condominium generallydefines each unit as a separately owned space to the interior surfaces of the perimeter walls, floors, and ceilings.
A structure of two or more units, the interior space of which are individually owned.
Is a property or space that the owner holds title to in a multi-unit dwelling. Common areas are jointly owned by the owners.
A building where apartment units are owned individually and maintenance of building common spaces are paid for jointly by unit owners.
a form of ownership rather than a type of dwelling. Can be either an apartment or a residential unit depending on its characteristics.
Often mistakenly referred to as a type of construction or building / development, it actually refers to the type of ownership. A condominium is all of the owners own the property, common areas and the physical building(s) together, with the exception of the interior of the unit to which they have title. This type of ownership - along with the types of construction in which it is generally practiced - is becoming more common in major growth areas as population increases and empty-nest baby boomers look to downsize.
A single dwelling unit in a multi-unit structure in which each unit is individually owned. The owner holds legal title to his or her unit and owns the common areas and land jointly with other unit owners. An owner may sell, lease and encumber his unit. Conforming The loan program guidelines meet Fannie Mae and or Freddie Mac underwriting requirements. This means the income, credit, and property requirements must meet nationally standardized guidelines.
Association owned property with condo owner members
(USA) A building or a structure of two or more units, the interior space of the individually owned and the balance of the property (both land and building) being owned in common by the owners of the individual units.
Multiple individuals own a specific housing unit in a multi-unit complex. Each owner also shares financial responsibility for common areas.
The absolute ownership of a unit in a multi unit building. GO TO TOP
A development where individuals own dwelling units but share common areas with the other unit owners of the complex. The maintenance of the common areas is taken care of by the Condominium Corporation in which every unit owner owns a share and has voting rights.
A dwelling of two or more units in which you individually own the interior space of your unit and jointly own common areas such as the lobby, roof, parking, plumbing, and recreational areas.
A legal designation for development of real property that provides for unit owners in a multi-unit complex to own a fraction of interest in the building and land on which it sits as well as rights of use to common elements within the project. There is always a condominium association, which governs over unit owner's disputes, develops budgets, and collects association dues for the maintenance and hazard insurance.
A subdivision containing five or more units in a residential, commercial or industrial property.
condominium is a complex or building with common areas and facilities that are owned by its residents. Each unit owner has a separate title and the exclusive ownership of a particular unit.
Apartment with facilities e.g swimming pool, tennis courts and gymnasium.
A condominium or condo is a form of homeownership in which the owner gets title to a housing unit and interest in the building's common areas.
A development where individual units are owned, but common areas and amenities are shared equally by all owners.
Single ownership of a property unit with a shared interest in commonly owned areas and facilities which appeal to everyone in the condo community.
A form of property ownership in which the homeowner holds title to an individual dwelling unity plus an interest in common areas of a multi-unit project, and sometimes the exclusive use of certain limited common areas.
A form of ownership of a property in which each unit, or condominium, is owned separately but common areas, such as hallways, roofs, and yard areas surrounding the buildings, are owned jointly by the owners of all of the units.
A type of property ownership in which the interior space of each unit is individually owned. Common areas, including land and amenities such as pools, tennis courts and clubhouses are owned in common with the other unit owners.
A form of real estate ownership in which the owner receives exclusive title to a particular unit and shares ownership in certain common areas with other unit owners. The unit itself is generally a separately owned space whose interior surface (walls, floors and ceiling) serve as its boundaries.
A form of ownership in which the owner gets title to a housing unit and interest in the common areas; commonly referred to as a condo.
A development where the buyer purchases individual ownership of a dwelling unit and a share of the common area that serves the entire project. For example, you may own unit #25 and a 1/100th interest in the common area of a 100 unit project.
A development where the land and all common elements of buildings are owned collectively by all unit owners and only a specific unit belongs to an individual owner.
A condominium is a home in a shared building or development. The buyer gets title the space inside the unit, shares the common areas with other unit owners and pays a maintenance fee to the condominium association to pay for needed maintenance, repairs and improvements to the property.
Fee simple ownership of an apartment or a unit, generally in a
A structure of two or more units where the interior space is individually owned, and the balance of the land (structure and land) are commonly owned by the owners of each individual unit.
A structure of two or more units, the interior space (including the wall coverings but not the wall) of each unit being individually owned; the balance of the structure and the land is owned in common by all the unit owners.
A statutory estate in land consisting of Ownership of a divided interest, i.e., an individually owned airspace unit, in a multi-family or other structure; together with an undivided interest in the common areas.
A building or group of buildings in a development where each person owns their unit. Each owner has access to common grounds.
Individually owned units in a multi-unit structure. Stairs, sidewalks and hallways are common areas.
A type of multi-unit property in which each unit owner has title to a unit in a building.
A building (or group of buildings) in which individuals own separate portions of the building(s) and possibly share common areas.
A building in which each owner has title to a unit in the building, and an undivided interest in the common areas of the project.
The absolute ownership of an apartment or a commercial unit, generally in a multi-unit building, by a legal description of the airspace that the unit actually occupies, plus an undivided interest in the ownership of the com- mon elements, which are owned jointly with the other condominium unit owners. Common elements. All portions of the land, property and space that make up a condominium property that include land, all improvements and structures, and all easements, rights and appurtenances and exclude all space composing individual units. Each unit owner owns a definite percentage of undivided interest in the com- mon elements. Parcel. The entire tract of real estate included in a condominium development; also referred to as a development parcel. Unit. One ownership space in a condominium building or a part of a property intended for independent use and having lawful access to a public way. Ownership of one unit also includes a definite undivided interest in the common elements.
The ownership in one unit of a building or buildings containing many units. Ownership includes the unit itself and a share of the ownership of common elements.
Individual ownership of an apartment in a multi-unit project or development, and a proportionate interest in the common areas outside the apartment, such as hallways, lobby, playgrounds and laundry rooms.
A form of property ownership providing for individual ownership of an apartment or other space, and undivided interest in land and common areas of the structure.
a form of property ownership created by provincial law (e.g., Condominium Act of Ontario) in which each owner owns a unit and a proportional share of the common elements or remaining property. Condominium refers to the type of ownership not the style of structure, which can take any form from a detached house or a townhome to a high-rise apartment or an industrial warehouse. In common usage, this word is used to describe one unit in a condominium complex, usually with no reference to the common element.
Piece of a large property that is owned as an individual unit. Ownership includes a non-exclusive interest in certain "common properties" controlled by the condominium organization.
(p) - refers to any multi-unit residential structures where the single-units are individually owned and the group of owners share equal interest in the building's outer structure and any common property areas.
A home in a multi-unit complex; each purchaser owns an individual unit, and all the purchasers jointly own the common areas, such as the surrounding land, hallways, etc.
The fee ownership of a separate amount of space in a multiple occupancy building with proportioned tenancy in common ownership of common elements used jointly with other owners. For glossary of terms see Section 7 of the Phase 11 manual.
An apartment house subdivided to give title to individual occupants by a description of the air and ground space involved for each unit. A form of real estate ownership.
An apartment house where individual apartments are purchased, rather than leased by the occupants.
Land ownership in which one owns an individual unit and a percentage of common acres.
a form of ownership of real estate in which there are "units" owned separately by individuals and "common elements" owned jointly by some or all of the unit owners.
Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.
A form of real estate, usually a dwelling with individual ownership of separate portions of the building plus shared ownership of the common areas. Also found in industrial parks, where individual units are separately owned, but the common areas (such as guard gates, common landscaping, etc) are shared.
A condominium, literally, is a home in a shared building or development. The buyer owns title to his or her unit, shares the common areas with other unit owners, and pays a maintenance fee to the condominium association to pay for needed maintenance, repairs and improvements to the property.
apartment building in which the individuals owned a specific apartment, but the common areas are own by everyone living in the building
A form of real estate ownership where the owner receives title to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surface (walls, floor, ceilings) serve as its boundaries.
Individual ownership of a dwelling unit and an individual interest in the common areas and facilities which are used by all the residents of the building or development.
A real estate project in which each unit owner has title to a unit of the project, and sometimes an undivided interest in the common areas. Back
A property characterized by ownership of a particular unit of a building and interest in common areas.
A form of ownership of real property. The purchaser receives title to a particular unit and a proportionate interest in the common areas. A condominium generally defines each unit as a separately owned space to the interior surfaces of the perimeter walls, floors,and ceilings.
Same as an apartment, but the word "condominium" is used more in resort areas
Type of ownership where all parties have ownership rights in common areas, and has freehold title to their individual units.
Fee ownership of a unit in multi-unit building with joint ownership of common areas.
A form a property ownership whereby the purchaser receives title to a unit in a multi- unit structure and proportionate interest in common areas.
The absolute ownership of an apartment or a unit, generally in a multi-unit building, based on a legal description of the airspace which the unit actually occupies, plus an undivided interest in the ownership of the common elements which are owned jointly with the other condominium unit owners. The entire tract of real estate included in a condominium development is called a parcel, or development parcel. One apartment or space in a condominium building or a part of a property intended for independent use and having lawful access to a public way is called a unit. Ownership of one unit also includes a definite undivided interest in the common elements.
A system of ownership of individual units in a multiunit structure, combined with joint ownership of commonly used property (sidewalks, hallways, stairs, etc.).
All the property in a condominium plan except Common Elements. The common property in a registered condominium plan held by the owners of all the units as tenants in common, is shared proportional to the unit factors for the respective units.
A form of real estate ownership where the owner receives title to a particular unit and has a proportionate joint ownership of common area of the structure and the land interest. The unit itself is generally a separately owned space whose interior surfaces (walls, floors and ceilings) serve as its boundaries.
A form of property ownership in which the homeowner holds title to an individual dwelling unit and a proportionate interest in common areas and facilities of a multi-unit project.
1. A form of fee ownership of separate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real property; 2. A multi-unit structure or property in which persons hold fee simple title to individual units and an undivided interest in common areas.
a form of property ownership where the individual has full ownership of a part of a building, such as an apartment. Page 369
Units in a multi-unit structure which may be bought, sold, and encumbered individually with joint ownership of common areas.
A development consisting of an undivided interest in a common area coupled with a separate interest in a unit.
A property owned as a group, with rights to occupy specific units of the structure. An overseeing board, often referred to as a Homeowners Association, governs the property.
Some people may mistakenly think that a condominium must be an apartment building, but that‘s not the case. Condominium refers to the way the property ownership is structured. When you buy a condo, you own the interior of your unit and share ownership of the property‘s exterior with the rest of the condo owners. Source: “Home Buying for Dummies"
a form of property ownership in which each owner owns a unit and a proportional share of the common element or remaining property; also used in everyday speech to describe one unit in a condominium complex, which can take any form from a detached home or townhouse to a highrise apartment or an industrial warehouse (pages 36-70).
A type of apartment ownership in which the owner owns real property, yet the apartment is part of a much larger building in which other owners own individual units. Condominiums are a very liberal type of ownership and are usually favored by foreigners looking to buy in Manhattan. The regulations regarding ownership are more lax than those in co-operative apartments. Condominiums usually allow owners to finance upwards to 90% of the purchase price; subletting rules and pet policies are more open than in co-operatives; individual owners are responsible for monthly common charges and monthly real estate taxes.
A system of direct ownership of a single unit in a multi-unit structure(s). The individual holds fee simple title to the unit plus an undivided interest in the common areas and elements.
A type of ownership where the homeowner holds the title only to an individual unit in which he or she lives, but all residences of the building own the common places together.
A housing arrangement where the homeowner owns the interior walls of his or her personal living space and a percentage of the common areas.
A structure or structures with a homeowner's association and with some areas, including walls, owned in common. The interior (air space) is owned by individuals. See PUD.
A form of real estate ownership. The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.
That form of ownership of real property in which each unit owner has an undivided interest in common elements.
A structure of individual fee ownership of units combined with joint ownership of common area of the structure and the land.
a form of ownership in which the property owner owns a unit of housing in a multi-unit complex; te owner pays a fee each month for the maintenance of the outside of the condominium and certain pre-determined amenities and also shares financial responsibility for the condominiums common areas. All areas inside the condominium are generally the responsibility of the owner.
A type of apartment ownership in which the owner owns real property, yet the apartment is part of a much larger building in which other owners own individual units. Each owner receives a unit deed and proof of ownership.
The composite of individual ownership and exclusive possession of a cube of space in a multi-unit building plus a collective ownership of land and a collective right of possession to facilities common to all separately owned units.
Shared ownership in property. Owners have title (ownership) to individual units and a proportionate share in the common elements.
A form of real estate ownership; condo associations are self-governing entities regulated by the State.
Means the form of ownership of real property under a master deed providing for ownership by one or more owners of units of improvements together with an undivided interest in common elements appurtenant to each such unit.
A structure containing two or more housing units. The interior space of each unit is individually owned while the remaining property (land, building, and other amenities) is owned in common by all the owners of the individual units.
A subdivision providing an exclusive ownership interest in the airspace of a particular portion of real property, as well as an interest in common in a portion of that property.
An individually owned dwelling within a multi-unit project that shares common areas and facilities.
A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas
a form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.
A residential property with 2 or more units where each unit owner holds title to a unit and an undivided interest in the common areas of the project.
Is the individual ownership of a single unit in a multiple unit building or group of buildings, together with a percentage interest in that part of the total property owned jointly by all unit owners. In an apartment building, each apartment would be a unit and the stairways, pathways and parking areas would be in common ownership. Condominium property requires special insurance treatment.
Individual living unit in a building or development, in which title is held to only the interior space and the recreational and parking area are owned, in common, by all the residents.
A type of property in which owners hold title to the space they occupy in a multi-unit dwelling. The property is divided between living units and common areas such as parking lots, driveways, elevators, and recreation areas such as playgrounds and swimming pools. Common areas are collectively owned by all owners.
(known in Britain as Flat) A structure of two or more housing units. Only interior area of a particular unit is individually owned. All the owners of the individual units jointly own the remainder of the property (land, building, and other amenities)
A form of real estate ownership where the owner receives title to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surfaces (walls, floors and ceilings) are esentially property lines.
The fee ownership of a specified amount of space with tenancy-in-common ownership of portions used jointly with other owners (the common elements).
A development where individuals have title to their own dwelling units in a multi-family structure with joint ownership of common areas of structure and the land. back
A type of ownership that enables a person to own an apartment or house in a project of similar units. The owner has his/her own deed and, most likely, his/her own mortgage on the unit. The owner also holds a common or joint ownership in all common areas, such as hallways, entrances, and elevators. Ownership may cover single-family houses, including row houses and townhouses, as well as apartments.
Housing where the owner owns only the unit in which the live--from the interior walls inward, generally--as well as a portion of the common area.
In international law, a condominium (plural either condominia, as in Latin, or condominiums) is a political territory (state or border area) in or over which two or more sovereign powers formally agree to share equally dominium (in the sense of sovereignty) and exercise their rights jointly, without dividing it up into 'national' zones.