Condominium
Definition of "Condominium"
So, you’re out and about your homebuying dream and then you stumble upon this question: what is a condominium? Like, you think you know what is a condo home, but it's so hard to explain...
It's ok; it happens to the best of us.
It's not easy defining what is a condominium; condos are one weird body. Keeping up with its weirdness, we could say that condominium is a form of home ownership in which the owner exclusively owns the airspace within the walls but doesn’t own the actual walls, ceilings or floors of the home and anything beyond those.
But enough with the weird. Let’s make this easy and fun. What is a condo home? Let’s put it in a way that anyone can understand. The best way to describe what is a condominium is by defining it as a place within a place. And, while the interest is different from one to the other, you have ownership over both.
Example: an apartment within a condominium building, or a single-family house within a gated community. You accrue ownership of both, but the smaller unit – the apartment or the house - is 100% yours, while the rest – the common areas like gym, pool, lobby, laundry room, elevators…- are collectively owned by all other residents within the condominium and managed by associations such as a Homeowners Association.
Because the ownership is influenced by the neighbors – as you and they share common areas and, sometimes, services – it will vary from condo home to condo home if you can rent your condo to someone else, or if it’s a “owner’s only” type of property.
So, as you can see, it's hard to define what is a condo home. In the end, a condominium is not so much a place, but a form of ownership.
Popular Real Estate Terms
Architectural plan which may include blue prints of a property project. Designs must meet technological and zoning requirements. ...
The definition of reversion in real estate is the return of property or assets to their original owner after a prespecified event or occurrence. This real estate term is used primarily in ...
Legal mechanism available for a person who is over his head financially and is unable to meet his financial obligations. ...
The lessee becomes a lessor by subletting the property to a third party. Typically, the sandwich leaseholder does not own or use the property. ...
Potential customer or client in which there is a realistic chance of making the sale for the product or service. An example is a prospective purchaser of real estate that the real estate ...
Situation in which a person guilty of breaking a contract is required by the judge to fulfill his duties. Specific performance is required only if the item or subject of the contract is ...
Giving of a promise or guarantee to the receiver to instill confidence. ...
Document stating one has an ownership interest but not direct control in an asset, estate, or business. While one shares in the benefits of ownership including profits, the direct control ...
Deed of trust or mortgage in real estate in which the lender subordinates her loan to another lender whose priority is first if there is nonpayment by the borrower. ...
Have a question or comment?
We're here to help.