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 ?
For more information about Chula Vista Condominiums, call 1-866-332-6636 and ask for condominium sales.
Therefore, because their personal use exceeded 10% of the days the unit was rented to third parties, the Razavis' condominium was a residence under Sec.
Related International has first set its sights on Puerto Vallarta to develop ICON Vallarta, a luxury condominium situated on five acres of oceanfront with exclusive beach access, and located just minutes from downtown.
Even for those of us who live, eat, breath and practice real estate, it would be simplistic to think that Cuomo's entire focus as attorney general will be on making condominium construction, development, sponsorship and sales a smooth and cost-efficient process.
Poliakoff has served on the State of Florida Condominium Study Commission and State of Florida Advisory Council on Condominiums as well as the Bar's Legislative SubCommittee on Condominium and Cooperative Law.
Purchasing the condominium was Jim Hubbard, of Crestview Properties LLC, of Birmingham, Ala.
The Federation of New York Housing Cooperatives and Condominiums is a 53-year old membership organization dedicated to the education of cooperative and condominium board members, shareholders and unit owners in the five boroughs, Long Island, Westchester and New York State.
Take all the forces coming together today, and that translates into renewed emphasis on condominiums by first-time buyers,'' said Jim Link, executive vice president of the Realtors group.
What the MTA is offering are ill-defined rights to air space instead of the condominiums they are obligated to provide.
Only the price of standard condominiums increased over the one-year period.
There are 13 loans remaining in the transaction, all secured by multifamily rental properties that are undergoing conversion to individual condominiums.