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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 ...
Housing tenure is a financial arrangement and ownership structure under which someone has the right to live in a house or apartment. The most frequent forms are tenancy, in which rent is paid by the occupant to a landlord, and owner-occupancy, where the occupant owns their own home. Mixed forms of tenure are also possible.
A condominium or "condo" is a form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned. Use of land access to common facilities in the piece such as hallways, heating system, elevators, and exterior areas are executed under legal rights associated with ...
Searching for an apartment—even a small apartment, such as a studio or one-bedroom unit—is no easy feat. From the location to the price, renting versus buying, there’s much to consider. The ...
The distinction between a complex of residences, such as an apartment building, and a condominium is purely legal. There is no way to differentiate a condominium from any other residential building simply by looking at it or visiting it. What defines a condominium is the form of ownership.
It is understood in a lease or contract that they will share space with these different vendors. With apartments, there are two different types of common areas a developer can have. One would be under contract and the other would be under lease. Apartments that rent by the unit (i.e. conventional housing) are signed for by one individual.
Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. [1] The home can be a house , such as a single-family house , an apartment , condominium , or a housing cooperative .
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