The condominium, also known as a condo, is a piece of property, usually used for house, in which separate people own a specific portion of the whole estate. Then, the common areas, such as elevators, hallways, exterior places, and cooling and heating systems, in that specific portion are linked with in the individual ownership and controlled by the owners that are collectively a whole. In short, condos are apartments in which residents own the property, not rent.
The main difference between a condominium and an apartment complex has to do with legal affairs. Physically, these units are not much different, although condos are known to be of higher quality because they are placed in a sale market and not a rental market. These structures are characterized by their ownership and they share a building, even though there are separate owners. In apartment complex setups, the developers keep ownership over the building and are only renting the space to tenants.
Essentially, these structures are a collection of separate homes that share common areas. Most areas are considered common if they are located outside of the unit boundaries. Common areas are in a complete ownership interest held by the corporation assigned during building development. This corp cannot and does not hold the ownership itself. However, it owns the property trust in representation of the homeowners.
In order to regulate how common spaced is shared among the residents, there are conditions, restrictions and covenants put together. Single dwellings, also known as detached condominiums, do not require that owners take care of the exterior property. Contrastingly, site condos give residents ownership of these areas or at least more control over them. Generally, these affairs are handled by an HOA, or homeowners association, which consists of an elected board.
A master deed is an important document that lays out the details of a property, including restrictions. It often includes text related to the HOA as well. Though most association rules can be found in separate bylaws.
Condos are sold, but in special cases, they may be rented to tenants by the owners who originally bought them. This is done in the same manner as most other rentals of estates. However, the leasing rights are subject to certain restrictions, including local laws.
It is rare, but sometimes these units are used for non-residential reasons. They can serve as hotel rooms, group housing, storage units, retail shops or office space. In these setups, the legal outline is the same. Though this arrangement may prove difficult because of quick commercial property turnover and the fixedness of the arrangement. Real estate that is similar to condos, include row houses and townhouses.
A condo, or condominium, is property that multiple individuals own sections of. Legally, the set up is different than apartments because condos are sold to owners and not rented to tenants. Other than this difference, these two housing structures are not much different in their physical appearance. With that said, condos are usually more expensive and higher quality. They may also be used for temporary lodging, retail space, storage, or office space.
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