legal definition of condominium
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Real Estate Condominiums Law and Legal Definition Real Estate Condominiums Law and Legal Definition. A condominium is a title to a unit of real property which is ownership in the airspace which an apartment, office or store occupies.
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- By definition, a condominium or condo is a building or complex of buildings containing a number of individually owned apartments or houses. As an alternative to a Sugar Beach Resort hotel, consider renting a condo on your next vacation or holiday. The extra space and freedom will be well worth it.
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Condominium DEFINITION of 'Condominium'. Condominium refers to a large property complex divided into individual units and sold. Ownership usually includes a nonexclusive interest in certain common properties controlled by the condominium management. Condominium management is usually made up of a board of unit owners who sees to the day-to-day operation of the complex, such as lawn maintenance and snow removal. Next Up.
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- Make sure you know what bylaws govern the condominium you own and your rights and responsibilities. byLaWs Every condominium has a set of bylaws. When a condominium plan is registered, it may include the initial set of bylaws that govern the corporation.
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Condominium Insurance Law : Condo Insurance Lawyers & Attorneys : Merlin Law Group Law Firm : Tampa, Houston, Coral Gables & West Palm Beach “Common Element” means portions of the condominium property not. included in the units. But there is another classification called “limited common element” defined as: Those common elements which are reserved for the use of a certain unit. or units to the exclusion of all other units as specified in the declaration.
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- (e) Seven years after recordation of the declaration of condominium; or, in the case of an association which may ultimately operate more than one condominium, 7 years after recordation of the declaration for the first condominium it operates; or, in the case of an association operating a phase condominium created pursuant to s. 718.403, 7 years after recordation of the declaration creating the initial phase,
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Condominium Unitowners Coverage Options Here are examples of circumstances that might require the condominium association to assess all unit owners: 1  Someone is seriously injured on common property (perhaps at a swimming pool) and the courts award a judgment that's higher than the amount of liability coverage provided by the condominium/association policy.
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Section 10 Except as provided in section twenty-one, in the event of a conflict between this. subsection and the master deed, trust, or by-laws, and any amendment thereto, the provisions of. this subsection shall govern, notwithstanding the date on which the condominium was submitted. to the provisions of this chapter.
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CONDOTEL VIET NAM CONDOTEL VIET NAM. Condotel is the combination of Condo&Hotel, which is a condominium operating as a Hotel or a Hotel with private ownership rooms that allow people to enjoy a vacation apartment with luxury amenities.
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- Condo-Buying Walkthrough: Condominium Fees. By Jean Folger. Condominium fees are monthly dues paid by each unit owner. The fees are commonly based on the percentage of the development that is owned by each individual owner. For example, the owner of a three-bedroom, 2,000 square feet unit will likely be assessed more than the owner of the two-bedroom, 1,500 square feet unit next door.
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- (c) If the association operates more than one condominium and the unit owners other than the developer have assumed control of the association, the cancellation shall be by concurrence of the owners of not less than 75 percent of the total number of voting interests in all condominiums operated by the association other than the voting interests ...
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Common Area Law and Legal Definition According to landlord-tenant law, common area is considered a realty that all tenants may use although a landlord retains control and responsibility over it. Generally, common areas are found in apartments, condominiums, cooperatives and planned-unit developments.
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- This subsection is intended to clarify existing law. (6) The division has authority to adopt rules pursuant to the Administrative Procedure Act to ensure the efficient and effective transition from developer control of a condominium to the establishment of a unit-owner controlled association.
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condominium Definition of condominium for English Language Learners. : 1  a room or set of rooms that is owned by the people who live there and that is part of a larger building containing other similar sets of rooms. : 2  a building that contains condominiums.
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Difference between Condo and Apartment 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 an apartment or house, is individually owned. An apartment or a flat is a self-contained housing unit that occupies only a part of a building; it is usually taken on rent.
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What is a Condominium? A condominium is a form of home ownership in which individual units of a larger complex are sold, not rented. These units may be renovated apartments, townhouses or even commercial warehouses. Any multi-unit structure can 'go condominium', meaning occupants must either vacate the premises or purchase their apartments outright.
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- In a condominium, the purchaser of a unit receives a deed to a specific unit and an undivided. ownership of the common elements of the project. The purchaser must obtain his own mortgage. Limited Equity Cooperatives a Legal Handbook Page 4 of 53. financing on the unit and he pays his own real estate taxes.
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Apartment The difference between Apartment and condominium. Apartment is a self-contained housing unit (a type of residential real estate) that occupies only part of a building, correctly, on a single level without a stair.The Condominium, frequently shortened to condo when it refers to residential buildings, is a form of multifurcated [clarification needed] real property tenure.
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Condominiums and Cooperatives Condominiums and Cooperatives. Two common forms of multiple-unit dwellings, with independent owners or lessees of the individual units comprising the multiple-unit dwelling who share various costs and responsibilities of areas they use in common.
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Condominium Unlike apartments, which are leased by their tenants, condominium units are owned outright. Additionally, the owners of the individual units also collectively own the common areas of the property, such as hallways, walkways, laundry rooms, etc.; as well as common utilities and amenities, such as the HVAC system, elevators, and so on.
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- Technically, a condop is a condominium in which one of the owners is a residential coop: for example, a large residential building with shops, stores, and a public garage at the street level.
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Legal innovation at work Condo Ass’n v. Jahren, 806 So.2d 452, 456 (Fla. 2002) (holding that the declarations strictly govern the respective duties and responsibilities between the condo association and the unit owner). Ultimately, the condominium declarations will govern.
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Understanding Legal Liability for Condominium Association and Unit Owners Understanding Legal Liability for Condominium Association and Unit Owners. Legal liability is liability imposed by the courts or by statute on any person or entity responsible for the financial injury or damage suffered by another person, group, or entity. Legal obligations, or legal liability, can arise from intentional acts, unintentional acts, or contracts.
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Chattel Popular Legal Terms. Chattel. The common law definition of chattel is any property that is not land or physical items belonging to that land. Today, chattel is defined as any item of personal property and that can be moved. Examples of chattel, as defined in common law, include furniture, clothes hanging in the closet, and cattle on a farm.
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Condominium The declaration of covenants, conditions and restrictions is a legal document that sets forth the regulations for owners of units in a condominium. This document defines acceptable use of the unit. It describes the owner's use of limited common areas and general common areas.
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Condominium The description of the condominium units and the common areas and any restrictions on their use is established in a document commonly called a Master Deed (also known as the Enabling Declaration, the Declaration of Conditions, or the Condominium Document).