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 than two decades, the Concept has been relied upon as a practical and easy-to-use guide for condominium living.
Furthermore, uniformity in the context of homeowners associations and condominiums is a logical means to modernize property law.
SJP Residential Properties, developers of 45 Park Avenue, announced the building is more the 50% sold, an important sales milestone for the new luxury condominium located on the corner of 37th Street and Park Avenue.
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.
Since January, De La Rosa has watched and participated as volunteers from the San Gabriel Valley Chapter of Habitat for Humanity have worked on a $557,000 three-unit, two-story condominium complex, where she and her family will live.
In 1985, Mehdi and Alexandra Razavi purchased a condominium for $355,000 in South Seas Plantation (SSP) in Florida.
Construction on the $200 million ICON Vallarta will begin in mid-2007 and includes 343 condominiums ranging from $200,000 to $1 million, a cost value not typically found in the United States or other areas of the world.
With condominiums, cooperatives and homeowners associations, the bulk of work relates to registrations and other administrative tasks.
The regulations to the Condominium Act were developed following extensive consultations with stakeholders, including unit-owner associations, condominium managers, developers, planners, engineers and architects.
Analysts attributed the big jump to a stabilization of the market as it returns to a more normal mix of condominium and single-family home sales.
It is similarly impossible to discern visually whether a building or group of buildings constitutes a single condominium or a series of separate and distinct condominiums.