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You have asked an interesting question. Briefly and generally, condominium units are individually owned with each unit owner owning a percentage interest in the common areas and facilities. That means in a fully occupied condominium community all the common areas and facilities are owned by all the unit owners with each individual unit owner owning their own unit in full.
In the case of unsold units, those are owned by the developer. The developer generally reserves phasing rights and the right to amend the condominium documents until all units are sold.
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Does the Declaration of ownership extend beyond the sale of the Condominium units?
Once you purchase a condominium unit, whether you are its first owner or subsequent owner, the condominium declarations will always be in force.
What is a resident owner of a condominium?
A resident owner owns the unit and lives there.
What do you call someone who owns an condominium unit?
Someone who owns a condominium unit is called an owner.
What credit score do condos want?
When you purchase a condominium, your lender will determine the acceptable credit score. When you rent a condominium from an owner, the owner makes a similar determination.
What is the legal difference between a hotel and a condominium resort?
Legally, a hotel is owned by a single owner and the property managed for the benefit of both the owner and guests. Each condominium unit is owned individually, and its association manages the business of the condominium.
What is an antonym for condominium?
Single owner title is the opposite of condominium title ownership, both of which are forms of owning real estate assets.
What is a condominium slip?
According to the Fairfax (Virginia) Yacht Club:"A condominium slip is similar to an apartment condominium in that the owner receives a deed (which is insurable and recorded in the County Land Records) which carries with it the exclusive right to the use of the slip (the slip is owned by the owner and not rented or leased from the marina)."
Sky Vista Corporation who's the ownerSKY VISTA 44 CONDOMINIUM ASSOCIATION INC. who's the owner?
who's the owner?
Can a unit owner add a window to their unit-not a replacement but totally new?
That depends on the rules and regulations of the condominium. You need to check the Master Deed and the Condominium Trust.
Who pays the property taxes for a condominium unit in Florida?
If Florida is like most other states, a condominium unit owner pays property taxes for the unit.
Is a condominium like an apartment?
In some cases a condominium is like an apartment. However, a condominium is form of fee ownership ( each unit owner is the absolute owner of their unit) by which several owners share ownership of a building(s) by each owning their respective units. In a condominium scheme each unit owner also owns a proportionate interest in all other common areas of the project such as the grounds, pool, laundry facilities, community rooms, etc.An apartment is generally a rental unit in the US and Canada. In Europe, an apartment can be a rental unit or a unit in a building that is owned in fee much like a condominium.
Why is Condominium is so expensive?
Condominium ownership is a form of real estate ownership whereby an owner is responsible for both the costs of the unit, and for a share of the expense related to the upkeep of the whole community.
