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Condominium Definition
From Wikipedia, the free encyclopedia
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A condominium, or condo for
short, is a form of housing tenure. It is the legal
term used in the United States and in most provinces
of Canada for a type of joint ownership of real
property in which portions of the property are
commonly owned and other portions are individually
owned. In Australia and the Canadian province of
British Columbia, the legal term for this is strata
title. In Quebec, it is known as syndicates of
co-ownership. In England and Wales the equivalent is
common hold, but this form of ownership was only
introduced in 2004 and so far is hardly used.
Colloquially, the term "condo" is often used to
refer to the apartment unit itself in place of the
term "apartment". This clearly signifies ownership
of the property.
Often, a condominium consists of units in a
multi-unit dwelling (i.e., an apartment or a
development) where each unit is individually owned
and the common areas such as hallways and
recreational facilities are jointly owned (usually
as "tenants in common") by all the unit owners in
the building. It is possible, however, for
condominiums to consist of single family dwellings:
so-called "detached condominiums" where homeowners
do not maintain the exteriors of the dwellings,
yards, etc. or "site condominiums" where the owner
has more control and possible 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.
A homeowners association, consisting of all the
members, manages the common areas usually through a
board of directors elected by the members. The same
concept exists under different names depending on
the jurisdiction, such as "unit title", "sectional
title", "commonhold," "strata council," or
"tenant-owner's association", "body corporate",
"Owners Corporation", "condominium corporation" or
"condominium association." Another variation of this
concept is the "time share" although not all time
shares are condominiums, and not all time shares
involve actual ownership of (i.e., deeded title to)
real property. Condominiums may be found in both
civil law and common law legal systems as it is
purely a creation of statute.
The rules for condominium government or management
are established in a document commonly called a
declaration of condominium. The owners and occupiers
of condominiums are subject to rules in the
declaration of condominium or created by the
condominium association, such as paying required
monthly fees for maintaining the property's common
areas. Condominiums are commonly owned in fee simple
title, but can be owned in ways other real estate
can be owned, such as title held in trust. In some
jurisdictions, such as Ontario, Canada, there are
also "leasehold condominiums" where the development
is built on leased land.
In general, condominium unit owners can typically
rent their condominiums to other people to occupy as
tenants, similar to renting out other real estate,
although such leasing rights may be subject to
conditions or restrictions set out in the
condominium declaration or otherwise as permitted by
law applicable in the jurisdiction.
Non-residential condominiums
Condominium ownership is also used, albeit less
frequently, for non-residential land uses like
offices, hotel rooms, retail shops, and group
housing facilities like retirement homes or
dormitories. The legal structure is the same, and
many of the benefits are similar; for instance, a
nonprofit corporation may face a lower tax liability
in an office condominium than in an office rented
from a taxable, for-profit company. However, the
frequent turnover of commercial land uses in
particular can make the inflexibility of condominium
arrangements problematic.
New luxury Aqua waterfront condos in Long Beach,
Californian alternative form of ownership, popular
in the United States but found also in other common
law jurisdictions, is the "cooperative" corporation,
also known as "company share" or "co-op", in which
the building has an associated legal company and
ownership of shares gives the right to a lease for
residence of a unit. Another form is leasehold or
ground rent in which a single landlord retains
ownership of the land on which the building is
constructed in which the lease renews in perpetuity
or over a very long term such as in a civil law
emphyteutic lease. Another form of civil law joint
property ownership is undivided co-ownership where
the owners own a percentage of the entire property
but have exclusive possession of a specific part of
the property and joint possession of other parts of
the property; distinguished from joint tenancy with
right of survivorship or a tenancy in common of
common law.
Hallway view in one of Chicago's condosThe first
condominium law passed in the United States was
passed by the Commonwealth of Puerto Rico in 1958.
Common law tradition holds that real property
ownership must involve land, whereas the French
civil law tradition recognized condominium ownership
as early as the 1804 Napoleonic Code; thus, it is
notable that condominiums evolved in the United
States via a Caribbean government with a hybrid
common-civil legal system. In 1960, the first
condominium in the Continental United States was
built in Salt Lake City, Utah. Initially designed as
a housing cooperative (Co-op), the Utah Condominium
Act of 1960 made it possible for "Graystone Manor"
(2730 S 1200 East) to be built as a condominium. The
legal counsel for the project, Keith B. Romney is
also credited with authoring the Utah Condominium
act of 1960. Romney also played an advisory role in
the creation of condominium legislation with every
other legislature in the U.S. Business Week hailed
Romney as the "Father of Condominiums". He soon
after formed a partnership with Don W. Pihl called
"Keith Romney Associates", which was widely
recognized throughout the 1970's as America's
preeminent condominium consulting firm.
Although often mistakenly credited with coining the
term "Condominium", Romney has always been quick to
point out that the term hails back to Roman times,
and that he merely borrowed it.
Section 234 of the 1961 National Housing Act allowed
the Federal Housing Administration to insure
mortgages on condominiums, which led to a vast
increase in the capital available for condominiums
and to condominium laws in every state by 1969.
Americans' first taste of condominium life came not
from its largest cities but from south Florida,
where developers had first imported the condominium
concept from Puerto Rico and used it to sell
thousands of inexpensive apartments to retirees
arriving with equity earned from the urban North. |
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