by Adriana Noton
Condos, or condominiums, are a type of property that allows an individual to own a certain portion of a complete estate. All access to and use of communal area in that portion is linked to the individual ownership and watched over by the group of owners that collectively represent the real estate. To simplify, condos are apartments that people can own, instead of rent.
The difference between a condominium and an apartment complex is legal. Physically, there is no way to tell the difference between a condo and apartment. Though condos are typically of a higher quality because they are on a sale market rather than rental. Condos are defined by their ownership. Condominiums share a building, but each unit is sold to different owners. This is different from an apartment complex in which developers retain ownership of the building and rent units to different tenants.
Condominiums are, technically, a group of individual homes and common areas. Anything outside of the boundary of a unit is considered common area and is held in an undivided ownership interest by the corporation chosen at the time of building development. This corporation has this property in trust on behalf of the different homeowners as a collection. It does not and may not hold ownership itself.
How communal space within a condo is shared is determined in several conditions, covenants, and restrictions. There exist some units called detached condos with single dwellings. These models do not require that owners maintain exterior. Contrastingly, site condos allow owners ownership of or more control over the exterior areas. Often these matters are handled by a homeowners association, or HOA, in which owners manage the buildings. The association is governed by the board of directors, a group of elected individuals.
The master deed outlines most details about overall restrictions. This document also covers the homeowners association. For this association, rules are usually set up in separate bylaws.
Though condominiums are sold to owners, owners may rent their home to tenants. This works in a similar fashion as renting any other type of estate. However, leasing rights may be subject to restrictions or conditions of local law.
Not all condominiums are used for living spaces. Some are utilized as hotel rooms, offices, storage, group housing, and retail shops. Regardless of their use, the legal outlines remain the same. Although condo arrangements can be problematic because of the quick and constant turnover of commercial property. Real estate such as townhouses, buildings with multiple residential units, and row houses, share many qualities with condominiums.
Condominiums are a type of housing arrangement or non-residential space in which individuals own part of the real estate. Examples of non-residential uses: storage, retail shops, hotel rooms, or office space. These properties are different from apartment complexes because they are sold, not rented. Outside of the legal aspects, there is not much noticeable, physical difference between the two types of spaces. Still, most condos are built at a higher quality than apartments because they are constructed with the intent to be sold, unlike rented apartments.
The real estate market is hotter than ever. People from all over the world are flocking to <a href="http://www.mountainspiritresortandspa.com"> Kimberley Condos</a> to own a piece of the beautiful scenery and luxurious living accommodations. See what <a href="http://www.mountainspiritresortandspa.com"> BC real estate</a> has in store for you today
---------------------------------------------------
You are receiving this because you signed up for it on 2011-08-23 from IP
To fine-tune your selection of which articles to receive, just login here:
http://www.uniquearticlewizard.com/bloggers/
using your username:
To unsubscribe please use the following link:
http://www.uniquearticlewizard.com/unsubscribe.php?mail=kidloveme.huyen@blogger.com&code=b83952f8ca040e326c958cbc4b8fd96e
---------------------------------------------------
---------------------------------
New Unique Article!
Title: The Key Facts About Condos
Author: Adriana Noton
Email: seo4canada1@gmail.com
Keywords: real estate,business,home and family,travel,leisure,recreation,hobbies
Word Count: 509
Category: Hobbies
---------------------------------
No comments:
Post a Comment