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What is the normal configuration of units in a condominium building?
Wiki User
∙ 13y ago
There is no normal in terms of configuration of units in a condominium building.
The developer built as many units as s/he believed that s/he could sell, given the zoning, height restrictions and parking requirements set out by the city where the building was constructed.
Wiki User
∙ 13y ago
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What is a highrise condominium?
A high rise condominium is a tall building with condominium units.
What is a high rise condo?
It is a condominium community with units in a high-rise building.
Define condominium hotel?
A condominium hotel is probably a mixed-use high-rise building, where the lower floors are a commercial hotel and the upper floors are condominium units.
What is the average area of a condominium?
It depends on the geography where the condominium is located. Usually, in high-density urban areas, a condominium is smaller; in suburbs, the units can be larger. Since a unit can be a studio or a penthouse, or a one-, two-, or three-bedroom unit, depending on where it is located in the building, an average would only be useful by type of condominium.
Does an elevator which exclusively serves two separately owned apartments on the third floor of a three story condominium building provide service to a single family dwelling?
Your question is complex. First, the elevator serves owned apartments in a condominium building. Then the elevator may be known as a limited common element. Since the elevator serves both units, the location of the 'single family dwelling' is unclear. (Both apartments are condominium units; neither is commonly described as a 'single family dwelling'.)
What is the difference between a condominium unit and a condominium phase?
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
Develop a business plan for a condominium?
Yes, you'll need one. The variables will be the acquisition costs of the land, the expense of building the building(s) containing the units, and the market for what you build where you built it. To be more precise, you need a professional looking business plan for your condominium. I can recommend you to use ogscapital.com service for this purpose. They are very professional guys!
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.
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.
Is a condominium considered cluster housing?
Cluster housing is apparently a design scheme for a group of houses. (See below.) A condominium is usually a building with multiple units, sometimes multiple buildings with multiple units. (See below.) Individual homes, even in a cluster layout, in a development where all owners share ownership of amenities, is usually belong in a home owners association (HOA).
Is condominium unit considered real property?
Yes. A condominium is real property and is an estate owned in fee: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium.
Is a condominium a home or a house?
A home is where people live. A house generally means a single family house surrounded by a lot. A condominium is a form of real estate ownership that can be applied to units within a high-rise building, a multi-family residential building, plots of land where people park mobile homes part of the year, boat slips where people store floating inventory, storage and shop business parks where people own individual units, and more. Condominium ownership implies that an owner owns a 'unit' individually, and owns common areas in the complex in common with all other owners. Owners pay assessments to fund operation of the complex. Generally, condominium associations are non-profit corporations.
