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 ?
The StreetEasy Condo Price Forecast predicts flat prices from May to June.
Typically the condo HOA, sometimes called COA [condo owners association], has to provide documentation of its finances and insurance coverage.
In 2005, nearly 200,000 apartment units in the country were sold to investors for condo conversion.
If they designate the condo as their principal residence in a particular year, they cannot designate their house as their principal residence for that year, even though the house may otherwise qualify as their principal residence.
Ownership of resort-location condos and co-ops also can leave clients vulnerable to geographical exposures.
Despite the fact that the relative pricing pendulum has shifted dramatically in favor of renting in Las Vegas, single-family and condo development is only accelerating.
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We think Thunder Bay can absorb one, maybe even two, condo projects per year," he says.
com Web Site Lets Consumers Select and Compare Condos Based on More Than 30 Different Criteria and User-Generated Rankings
iv] The StreetEasy Condo Price Forecast (SECPF) predicts the change in Manhattan condo sale prices one month out from the current reported period.
Looking ahead to spring, condo sales prices are expected to grow by 4.
Based in Florida, the staff of Coastal Condo News is uniquely qualified to provide the information and expert advice.