condominium

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condominium

n. title to a unit of real property which, in reality, is the air space which an apartment, office or store occupies. An increasingly common form of property title in a multi-unit project, condominiums actually date back to ancient Rome, hence the Latin name. The owner of the condominium also owns a common tenancy with owners of other units in the common area, which includes all the driveways, parking, elevators, outside hallways, recreation and landscaped areas, which are managed by a homeowners' or tenants association. If the condominium unit is destroyed by fire or other disaster, the owner has the right to rebuild in his/her airspace. Most states have adopted statutes to cover special issues involving development, construction, management and taxation of condominium projects. (See: common area)

condominium

joint ownership. The term has come to describe a flat held in this way, especially in the USA.
References in periodicals archive ?
No one wants to foreclose on their neighbors," said Claudette Carini, executive director of the New England branch of the Community Associations Institute, a national organization that represents condominium associations and property managers.
With advance planning, thorough preparation, and some marketing skills, condominium associations should be able to "sell themselves" to lenders and secure the loans they need.
Even a partial assignment may confer certain rights such as the ability to transfer units without affording the condominium association a right of first refusal.
We are pleased to assist the Roney Palace Condominium Association with the financing to refurbish and renovate its property to comply with the 40-Year Recertification Program of the Miami-Dade County," said Molly Hime, Senior Vice President and Head of Popular Association Banking.
Pemco's team promptly delivered what they promised," said Milt Leidig, Community Association Manager at Strada 315 Condominium Association, Inc.
As an alternative, the condominium association proposed replacing the slate tiles with a new synthetic slate shingles that look like the real thing.
Prior to this, the company completed retrofitting for Ocean Palms and helped the condominium association to bring down its energy bills by almost 29%.
Stillman made our contract negotiations painless and offered suggestions that benefited our association, a major advantage of working with an experienced management company," said Susan Hoehl, a Fountain Terrace Condominium Association representative.
The first factor is that unit owners, usually neighbors, are the decisionmakers for their condominium association after the developer departs the community.
The court imposed the judgment last July against the previous condominium association, upholding Zuzow's claim.
The condominium association board and the management company are responsible for any discrimination they facilitate.
A 96-unit condominium community, The Lakes at Heron Cove Condominium Association is a beautiful community located in Lutz, Florida.