What is the Condominium?
A condominium, often shortened to condo, in the United States of America and in most Canadian provinces, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate. The condominium building structure is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. Similar concepts in other English-speaking countries include strata title in Australia, Malaysia, New Zealand, and the Canadian province of British Columbia; commonhold in the United Kingdom; and sectional title in South Africa.
Residential condominiums are frequently constructed as apartment buildings, but there has been an increase in the number of “detached condominiums”, which look like single-family homes but in which the yards, corridors, building exteriors, and streets as well as any recreational facilities (like a pool or pools, bowling alley, tennis courts, golf course, etc), are jointly owned and jointly maintained by a community association.
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 corridors\hallways, walkways, laundry rooms, etc., as well as common utilities and amenities, such as the HVAC system, elevators, and so on. Many shopping malls are industrial condominiums in which the individual retail and office spaces are owned by the businesses that occupy them while the common areas of the mall are collectively owned by all the business entities that own the individual spaces.
The common areas, amenities, and utilities are managed collectively by the owners through their association, such as a homeowner association.
Scholars have traced the earliest known use of the condominium form of tenure to a document from first-century Babylon. The word condominium originated in Latin.
Italy uses condominio, which is simply the modern Italian form of condominium. Both condo and condominium are used colloquially in the Canadian province of Quebec, where the official term is divided co-ownership. In France, however, the term is simply copropriété (“co-property”), and the common areas of these properties are usually managed by a Syndicat de copropriété, or “co-property union” (“union” in the sense of “association”).
Latin American nations often use the term propiedad horizontal, literally meaning “horizontal property” but abstractly meaning that all owners of the property have equal interest. The word condominio is also used. However, in Spain, the legal term is comunidad de propietarios and the popular term is comunidad de vecinos.
The difference between an “apartment” complex and condominium is purely legal. There is no way to differentiate a condominium from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership. A 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). As a practical matter, builders tend to build condominiums to higher quality standards than apartment complexes because of the differences between the rental and sale markets.
Technically, a condominium is a collection of individual home units and common areas along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home. The boundaries of that space are specified by a legal document known as a Declaration, filed on record with the local governing authority. Typically, these boundaries will include the wall surrounding a condo, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium’s creation. The corporation holds this property in trust on behalf of the homeowners as a group—it may not have ownership itself.
Condominiums have conditions, covenants, and restrictions, and often additional rules that govern how the individual unit owners are to share the space.
It is also possible for a condominium to consist of single-family dwellings. There are also “detached condominiums” where homeowners do not maintain the exteriors of the dwellings, yards, etc. and “site condominiums” where the owner has more control and possibly ownership (as in a “whole lot” or “lot line” condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities.
What is considered a condominium?
A condo, which is short for “condominium,” is a private residence owned by an individual homeowner or family in a building or community with multiple units or townhouses. Although they are usually part of a larger high-rise building, “detached condominiums” also exist.
What is the difference apartment and condo?
The main difference between a condo and an apartment is ownership. Condos are usually managed by a Homeowners’ Association (HOA), but each individual unit has a separate owner. You have the option to purchase a condo, as you would a house. If you choose to rent a condo, your landlord would be the owner of the unit.
What is entire condominium?
condominium. Single, individually-owned housing unit in a multi-unit building. The condominium owner holds sole title to the unit, but owns land and common property (elevators, halls, roof, stairs, etc.) jointly with other unit owners, and shares the upkeep expenses on the common-property with them.
What is a garden style condo?
In the United States of America, there are several different styles of condominium complexes. For example, a garden condominium complex consists of low-rise buildings built with landscaped grounds surrounding them. A townhouse condominium complex consists of multi-floor semi-detached homes.