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What is Condominium ?
A Condominium or condo in short, is
typically an apartment in a multi-unit dwelling that is
individually owned and common areas are owned by the all the
owners in that dwelling. Common areas could include hallways,
elevators, driveways, recreational facilities, garages, yards,
and landscaping. Generally, the term "condo" is used in place of
apartment to refer to the individually owned unit. A condo owner
owns only the unit itself which is taxed as an individual
entity.
Condominium signifies a type of ownership and is not a type of
housing. A condo can be an apartment in a building, a bungalow,
a townhouse or an office complex. It is a legal term used in the
United States signifying joint ownership of a property wherein
certain areas are commonly property and other portions are
individually owned. The ownership and the type of ownership is
what distinguishes a condo. Each individual owns a part
individually and also a part of the whole with the rest of the
owners.
All the owners in a condo dwelling belong to a homeowners
association to oversee the upkeep of the common areas. The
homeowners association typically elects a board of directors who
will take care of maintenance of the dwelling. A monthly fee is
paid by all the unit owners towards the cost of servicing,
maintaining and repairing those common areas. The monthly fees
cover the cost of maintaining the common areas.
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