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 ?
Managers of these newly opened condominiums should know what taxes must be paid by condominium corporations from their purchase and continued use.
Yu says there still market absorption for condominiums in Davao City.
Chalses Vann has also been advocating with the government to ensure fire safety system like fire sprinkler and fire horse cabinet are installed in each condo unit and floor of the newly constructed condominiums due to the fact that no fire extinguishing machine can't pull off the fire accident on the building higher than 20 floors in Cambodia now.
For more than two decades, the Concept has been relied upon as a practical and easy-to-use guide for condominium living.
As an example, suppose the owner of a condominium needs to relocate because of a job, but finds the current condominium market unfavorable.
Rather, a discussion of these standards will demonstrate how the LCA can be modified to meet the specific needs of condominiums, using well-established legal doctrines from jurisdictions with extensive condominium ownership.
Control of the Condominium's Board of Managers, veto rights of specific owners and permitted uses of units are among the issues that are more heavily negotiated in these transactions than in traditional residential condominiums where rights and uses are stipulated by the Sponsor in the offering plan.
To offer safer and more comfortable living conditions, the Clio Shonan-Chigasaki condominium was designed from the master plan stage to include crime prevention measures and incorporate a high-quality security system.
Indeed, the market for luxury condominiums seems to stronger than ever.
Situated on prime riverfront property overlooking the expanding La Verandrye Parkway, the River Walk condominium project in Fort Frances is well underway and is expected to be completed by year's end.
In 1985, Mehdi and Alexandra Razavi purchased a condominium for $355,000 in South Seas Plantation (SSP) in Florida.