condominium


Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Encyclopedia, Wikipedia.

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 ?
Chula Vista Condominiums is currently accepting reservations for phase one development, which includes approximately 70 condominiums as well as plans for a new, 60,000-square-foot indoor water park.
COM of Winnipeg is the architectural firm for the condominium.
As a result of the developer's failure to pay its share of assessments for the declared but unbuilt units, the Florida Department of Business and Professional Regulation, Division of Florida Land Sales, Condominiums and Mobile Homes (the "department") issued a notice to the developer to show cause why the department should not enter a cease and desist order and/or impose civil penalties and/or an order requiring the developer to take certain affirmative action as a result of its violation of the condominium act.
The expert concluded that the $21,000 received by the Razavis was a fair rental for the condominium for a year.
Designed by Burt Hill, an international architecture, design and engineering firm, the Tower at Carnegie Abbey has been well received by the Portsmouth community, and is one of the most successful condominium projects in the country, having continued brisk sales due to its unique location on Narragansett Bay and within the Carnegie Abbey estate.
Carlson, executive director of the Federation of New York Housing Co-operatives and Condominiums and CEO of Carlson Realty, a full-service management consulting firm, has been elected president of the New York Association of Realty Managers (NYARM), an organization of real estate managers, contractors and professionals serving the New York metropolitan area.
There are approximately 6,000 condominium corporations in Ontario, with some 500,000 units.
The condominium price rose $1,000 to $116,000 in the last year but fell $4,000 from the September median.
Purchasing the condominium was Jim Hubbard, of Crestview Properties LLC, of Birmingham, Ala.
But the smaller condominium market turned in an especially robust performance as buyers looked for bargains.
The suit contends that the sellers cannot meet the contractual agreement because, as they have previously acknowledged in writing, the Coliseum contract requires a statutory condominium which they cannot provide.