what is condo?
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What are Condominiums? Download article as a PDF. Condominiums, also known as condos, offer many of the same amenities as home ownership, except that the development is managed by an association that acts much like a cooperative's board of directors (see below).
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Condominium Scholars have traced the concept of selling part of a building to a first century Babylonian record. Condominium is a legal term used in the United States and in most provinces of Canada. In Australia, New Zealand, and the Canadian province of British Columbia, it is referred to as  strata title .hat defines a condominium is the form of ownership. The same building developed as a condominium (and sold in individual units to different owners) could actually be built at another location as an apartment building (the developers would retain ownership and rent individual units to different tenants).
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What is CONDOMINIUM? A single owned home in a building with many units. It has title to the condo unit but shares land with other owners. They also share upkeep expenses. Taxes are paid based on the unit.
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What is a Condominium? The overall price of a condo-style townhouse may be much lower than an equivalent single-unit home. Buying a unit does allow equity to build, unlike paying monthly rent in an apartment complex. One thing to be aware of when living in a condominium setting is the political reality of an owners' association.
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What Is an Assessment in a Condo Association? Condo Association Assessments. Condo communities generally use condominium associations to properly maintain community common areas such as building exteriors, roofs and roads. However, it costs money to maintain a condo community, and all community members pay for such maintenance through assessments, fees or dues.
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RENTERS' RIGHTS IN CO-OP AND CONDO APARTMENT BUILDINGS In either case, as far as a co-op or a condo is concerned, an outside party — the original sponsor or an investor who bought the unit — is the landlord of those apartments. He or she collects the rent is responsible for dealing with renters' issues concerning the interior of the apartment.
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- Don Tepper, Agent, Burke, VA. The condo association. You're responsible for your own unit--everything within your 4 walls. Anything outside of that either is another unit (belonging to another owner) or a common element, owned by the condo association. So anything in the walls like termites is inhabiting a common element.
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Co-op vs. Condo: The Differences Are Narrowing “Very often the co-op is not going to have any choice but to get involved.”. A version of this article appears in print on October 7, 2012, on page RE9 of the New York edition with the headline: Co-op vs. Condo: The Differences Are Narrowing.
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- Condotel is the combination of Condo&Hotel, which is a condominium operating as a Hotel or a Hotel with private ownership rooms with luxury amenities. Condotel is the combination of Condo&Hotel, which is a condominium operating as a Hotel or a Hotel with private ownership rooms with luxury amenities. trang chỦ sỰ kiỆn
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Difference Between Condo and Coop A coop is generally managed by a body elected by the dwellers. This body is a non profit organization as its income comes from the rent paid by the members. This fund is utilized for the upkeep and maintenance of the property. Differences between Condo and Coops. Day to day life and activities of dwellers in condominiums or coops are same and it is hard to tell the difference from the outset. In both, a dweller has to pay monthly maintenance fees which vary depending upon the facilities provided.
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- Condo Papers focuses on getting you the condo documents you need, right now. We work with condo management companies to maintain and build a growing list of documents that are accessible and available right now for you.
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Apartment Such a building may be called an apartment building, apartment complex, apartment house. A condominium, frequently shortened to condo, is the 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.
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Selling Guide A two- to four-unit condo project may be either a new or established project and may be comprised of attached and/or detached units. Manufactured home project A project consisting partially or solely of manufactured homes.
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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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Condotels â Good or Bad Investment? A condotel is a mix of a condominium and a hotel. Unlike hotels, where a corporation owns the whole hotel, in condotels each unit is sold separately similar to a condo. Condotels have hotel-like amenities and services – unlike the conventional condominiums.
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what does condo insurance cover? condo insurance coverage: your unit What your condo insurance usually covers. Because you're usually responsible for safeguarding your valuables and liability, a personal condo insurance policy through Esurance can give you the financial protection and peace of mind you need.
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What is the difference between an apartment and a condominium? Most Viewed Writer in. Apartments and Flats. As Bruce noted, an apartment is a description of a physical thing, like a house or a factory or an igloo. A condominium, however, is a legally defined term for a type of ownership structure.
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Condo Associations and HOAs: Distinctions Create Many Differences Maintenance Obligations. A condominium association is responsible for maintaining the common areas and sometimes limited common areas, which usually include building exteriors as well as amenities (pools, clubhouses, etc.) parking areas, roadways and the grounds.
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Condo Insurance Condo Insurance Condos are a great alternative to renting an apartment or owning a single family home and they have their own unique insurance needs. But if we may be so bold, after years of dealing with a little, talking green guy, we know a thing or two about unique.
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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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- 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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- 4. (Commerce) a cooperative organization. 5. (Commerce) Also called: cooperative apartment US a block of flats belonging to a corporation in which shares are owned in proportion to the relative value of the flat occupied. Sometimes shortened to: coop Compare condominium 3.
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Q&A: What is a Fee Simple Condo? Owning a home fee simple is a hybrid between single-family home ownership and owning a condo. The majority of fee-simple properties will share at least one common wall with another unit and the roof.
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Co-Op vs. Condo: What You Need to Know The majority of the New York City real estate market takes the form of a cooperative, while most new construction tends to be condo. Many talk in high regards toward condos, however the community that is formed within a cooperative building is significantly closer.
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- Definition of Cooperative. Cooperative. A type of residence where the buyer owns shares in the corporation that owns the building and has the right to live in a specific unit, but doesn't actually own the space. The development's association board interviews the buyer as part of the application to live in the community.
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Whatâs the difference between a coop vs. condo? Cooperatives and Condominiums may both be apartments, but there are major differences between the two. The first is a legal difference: Condos are real property and Coops are personal property. Both, for personal tax purposes, are treated in a similar manner.