0
You own a condominium according to its boundaries. For example, in a building, the boundary may be 'from the paint, in' and this means that you own the unit and the association owns everything else. As an owner of a unit, you also own a percentage of everything else -- roofs, walls, roadways, amenities, etc., according to your allocated interest, which is determined by the association ownership share represented by your unit.
Add your answer:
Earn +20 pts
A housing complex in which occupants own their own units is a?
condominium.
What's the difference between a townhouse and a condominium?
With a condominium, you own only the structure itself. With a townhome, you also own the yard surrounding your building.
Whats the difference between a condo and an apartment?
Always, you can own a condominium. And some condominiums are called apartments. You cannot always own an apartment. When you cannot own an apartment, it is not a condominium.
When you own a condominium are you responsible for the exterior of the residence or building?
Read your governing documents to determine who owns the outside of the condominium. Typically, the 'outside' is owned by the association, and of which you share ownership with all other owners. Ownership determines maintenance.
What do you own when you buy a condominium?
Read your governing documents to identify the border between what you own in your unit individually and what you own outside your unit in common with all owners.You may find that the border is 'the studs', 'the paint', 'the wallboard' and so forth.Every condominium is different from every other condominium in terms of who owns what.Another PerspectiveWhen you purchase your condominium the governing documents set forth the boundaries of your unit and the common areas. However, what you own in fee is your unit and a percentage interest in the common areas and the land that makes up the condominium parcel.
Do you own land when you own a condominium?
You don't own any particular plot of land as an individual. You own a percentage interest in all the land in the condominium project along with all the other unit owners. That percentage is recited in the deed for each unit. You own a shared interest in the common areas and that includes the land.Generally, a condominium is a distinct form of ownership in the U. S. (and other countries) whereby an individual owns a unit and shares joint ownership of the common areas with the other unit owners, which includes the land. In addition to owning your own unit of a condominium building in fee, you would also be part owner of the land upon which the condominium is constructed.For example, a typical Massachusetts condominium deed would state: "Unit #2 of the Old Mill River Condominium together with a .05% interest in the common areas and facilities." That owner would own a .05% fee interest in the common areas along with the land encompassed by the condominium project. Similar language is used in other jurisdictions.For a discussion of what you own when you own a condo unit in the State of Washington see the following:http://www.ticorblog.com/blog/condo-or-co-op-whats-the-difference/See also the following related question discussing the difference between condominium units and townhouse units:Does_a_townhouse_own_the_land_beneath_it_whereas_a_condominium_owners_own_only_the_unit_plus_a_part_of_shared_common_grounds_and_amenities
How do you get a condominium?
You buy one. Or you might inherit one. Or you might receive one in trade. In any event, in order to own a condominium, the deed to the real estate must be in your name.
What is the difference between a condominium and an apartment?
The official difference is in ownership: an apartment is owned by a landlord who may also own other apartments in the same complex; a condominium is owned by a single owner and that ownership includes a percentage ownership in the community's common areas. A condominium may be in the style of an apartment, especially, in urban high-rise buildings.
What is a highrise condominium?
A high rise condominium is a tall building with condominium units.
Is condominium ownership for life?
Yes. Once you purchase a condominium unit you own it for life unless you decide to sell it. You can leave it to your chosen beneficiary in your will or it will pass to your heirs-at-law under the state laws of intestacy if you have no will.
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.
What part of speech is condominium?
"Condominium" is a noun. A noun is a person, place, or thing.
