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An apartment building can be owned by one party and each of the apartments rented to tenants or each of the apartments can be owned as a condominium by separate parties. Mixed-use building – a building with space for both commercial, business, or office use, and space for residential use.
Initially, the concept of a condominium was introduced by the Federal Law "On the Fundamentals of the Federal Housing Policy" No. 4218-1 dated December 24, 1992: "Condominium is an association of owners of residential premises in apartment buildings with the establishment of conditions for joint ownership and use of inter-apartment stairs ...
Condominium (a.k.a. commonhold and strata title) – Ownership of an apartment or house is assigned to an individual, but common areas (e.g. hallways, heating system, elevators, exterior areas) are controlled by the homeowners' association. Fees are charged to the condo owners for maintenance of the common areas. These are referred to as "condo ...
Buying a condominium means buying an individual unit in a property with public areas owned and managed by a homeowner's association. Buying an apartment usually means buying a share of ownership ...
A lower-rise apartment building on the left side of the Avenue of the Americas in Manhattan, juxtaposed next to a skyscraper apartment building. An apartment (American English, Canadian English), flat (British English, Indian English, South African English) [a], or unit (Australian English) is a self-contained housing unit (a type of residential real estate) that occupies part of a building ...
Common areas often exist in apartments, gated communities, condominiums, cooperatives, and shopping malls. [6] In any situation where there is a tenancy in common, all the tenants in common collectively own the common areas, meaning that any one individual owner does not possess more control over the land than any other owner. [7]
Some home owners see their purchase as an investment and intend to sell or to rent the property after renovating or letting the house appreciate in value (known as flipping if done quickly). Due to the fact that homeowners have a financial stake in their homes, being a homeowner is an economically efficient course of action.
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