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 ?
In putting together coverage for the condominium association, three sets of documents provide the basis for the scope and extent of coverage.
But it does mean that officious condominium associations need to back off whenever and wherever a resident wants to express love of country by displaying the U.
The Appeals Court held that since a condominium association does not have a contract with the condominium developer, and hence no ability to assert a contract claim, it should be permitted to assert a tort claim, since otherwise, it will have no remedy for construction defects1.
In its holding the court stated that, under the Louisiana Condominium Act, (1) a condominium association has no duty to enforce the rules or regulations it enacts.
On Thursday, a Los Angeles Superior Court jury awarded the condominium association the $3.
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.
Advances in technology are enabling the condominium association at the historic former Elizabeth Street School building to replace portions of its slate roof with a material that is nowhere near as costly as slate, but looks enough like it to have won approval from the Historical Commission.
These include the Valencia on the Gulf Condominium Association in Venice, Florida, Fairway Bay 3 Association (The Atrium), Bay Harbour Condominium Association and La Firenza Condominium Association.
a full service property management company based in Mamaroneck, NY, signed a three-year management agreement with 71 Fountain Terrace Condominium Association, Inc.
After years of updates to the building's public interior spaces, the Palm Beach Hotel Condominium Association plans to do further renovations on the lower lobby.
These advantages may include acquisition of certain developer-retained rights under the condominium documents and the ability to control the condominium association by electing or designating a majority of the directors of the condominium association board of directors.
The court imposed the judgment last July against the previous condominium association, upholding Zuzow's claim.