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States vary in how they tax common areas, for real estate tax purposes. It may depend on whether it is a condo or a co-op. For example, the state of Arizona taxes "residential common areas" in housing developments with a flat tax, but common areas of condominiums and golf courses are assessed separately. [18]
The vast majority of condominium declarations or bylaws expressly state that the board has the authority to make rules concerning the use of the condominium property.
They are typically slightly larger than apartments and are often constructed in a townhouse style in regions where single-family detached homes are common. Technically, a condominium is a collection of individual units and common areas along with the land upon which they sit. Individual home ownership within a condominium is construed as ...
Under Davis–Stirling, a developer of a common interest development is able to create a homeowner association (HOA) to govern the development. As part of creating the HOA, the developer records a document known as the Declaration of Covenants, Conditions, and Restrictions against the units or parcels within the HOA with the county recorder.
“In a residential condominium the developer wants to sell all the units and after 90% of the units are sold, the developer wants nothing more to do with the common elements,” he added.
Short for condominium, a condo is a single unit within a multiple-unit property. It can be one of many units in a shared structure, like a high-rise building, or it can be in a much smaller ...
Condominium: a form of ownership with individual apartments for everyone, and co-ownership (by percentages) of all of the common areas, such as corridors, hallways, stairways, lobbies, recreation rooms, porches, rooftops, and any outdoor areas of the grounds of the buildings. Townhouses and apartments which are owned in the condominium form of ...
For example, an owner would like to have a pool but cannot afford one. When buying a condominium with a pool in a CID of one hundred units, an owner would have use of that pool for basically one-hundredth of the cost due to sharing the cost with the other 99 owners. [5] Timeshare, or vacation ownership, is the same concept. Buying a second home ...