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 corporate purposes of said corporation shall be limited to the holding of the common areas, either in ownership or any other interest in real property recognized by law, to the management of the condominium, and to such other purposes as may be necessary, incidental, or convenient to the accomplishment of said purposes.
Whether or not the ground floor of the building is excluded from the condominium can be ascertained by reviewing the legal description/plat of survey for the condominium.
However, OfficeMetro asserted that these were actually payments of condominium dues and should not form part of the condominium's taxable income.
While Goos treats apartment investors that are rental-based cash flow as long-term investment, the condominium investments are short-term.
The condominium association should pass an amendment to the current condominium declaration as follows: "The definition of 'Owner' is hereby amended to read as follows: 'Owner' shall mean the titleholder of record or, in the event that the titleholder of record differs from the reversion-holder, the holder of the reversion." Given that many associations are currently passing amendments for other, more pressing, reasons, it seems likely that this simple change should face little opposition.
The Department of Housing and Urban Development (HUD) said it will publish proposed rules on FHA's condominium program later this year and seek formal comment from interested parties.
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.
"After the bottom began to fall out of the real estate market, many developers were unable to sell condominium units prior to the loan's expiration date.
(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.
According to one developer, 60% of today's luxury condominium buyers are from South America or Mexico, and 60-65% are second-home buyers.