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 ?
As the lessee, you are meanwhile obliged to: (a) pay the rent according to the terms of the contract; (b) use the condominium unit in the manner stipulated; and (c) pay the expenses for the deed of lease.
Strict interpretation serves as both a shield and a sword for condominium associations and unit owners and does not appear to work in either party's favor.
Also distinctive to this development are two office condominiums with separate Park Avenue entrances, available exclusively to medical professionals.
The show will film eight different segments at the Hams' condominium, complete with the couple pitching in as part of the labor crew.
5) For this purpose, a "dwelling unit" includes a house, apartment, condominium, mobile home, boat or similar property, which provides basic living accommodations, such as sleeping space, a toilet and cooking facilities; see Regs.
Mitsuiwa will support installation of biometric authentication technologies including contactless palm vein authentication from Fujitsu, for the condominium industry and other fields.
Currently, the monolithic bureau handles traditional securities as well as condominiums, cooperatives and homeowners associations.
Habitat for Humanity fielded 1,000 potential buyers for the Gardena Avenue condominiums.
Bill Naturkach, town administrator, says an "innovative approach" to condominium housing is the reason the current project will be a success.
the "developer"), filed a declaration of condominium for Briarwood at Indian Springs Condominium.
In 1986, SSP rented the Razavis' condominium to third parties for 149 days and received $29,559; SSP paid the Razavis $19,250 (11/12 of $21,000).