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.
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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.
A new lease on life
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.
Unreasonable results from the lack of reasonableness standard in the Louisiana Condominium Act
What responsibility does the condominium corporation have when an owner fails on the common property?
Condo conundrums: are rules and policies as binding on owners as bylaws? Does a board engage in improper conduct when it enforces a rule or policy? The courts recently said no and yes to these questions
Also distinctive to this development are two office condominiums with separate Park Avenue entrances, available exclusively to medical professionals.
SJP half way there at 45 Park Avenue
The show will film eight different segments at the Hams' condominium, complete with the couple pitching in as part of the labor crew.
STUDIO CITY FAMILY'S QUEST FOR CONDO SALE GETS TV MAKEOVER HELP
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.
Sale of a residence and like-kind exchanges (Part I: this two-part article examines how recent developments in the principal residence exclusion and like-kind exchanges affect mixed personal- and business-use property. Part I describes the basic interaction between Secs. 121 and 1031.)
Mitsuiwa will support installation of biometric authentication technologies including contactless palm vein authentication from Fujitsu, for the condominium industry and other fields.
Meiwa Estate Implements Fujitsu Palm Vein Authentication Technology for Condominium Entrance Access Security; First Residential Use of Palm Vein Biometric Security in Metropolitan Tokyo
Currently, the monolithic bureau handles traditional securities as well as condominiums, cooperatives and homeowners associations.
Is Cuomo the man to help ease development bottleneck?
Habitat for Humanity fielded 1,000 potential buyers for the Gardena Avenue condominiums.
CAN-DO COMMUNITY VOLUNTEERS BUILD CONDOS
Bill Naturkach, town administrator, says an "innovative approach" to condominium housing is the reason the current project will be a success.
Condominium development pushes ahead
the "developer"), filed a declaration of condominium for Briarwood at Indian Springs Condominium.
The phantom of the 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).
6th Circuit allows rental losses under sec. 280A

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