Respuesta :
If a man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facilities, recreation center, and grounds. Then he owns Condominium type of property.
A condominium is a large property complex comprised of individual units, and each unit is owned separately. Ownership usually includes a nonexclusive interest in certain "community property" controlled by the condominium management.
Condominium management is usually made up of a board of unit owners who oversees the daily operation of the complex, such as lawn maintenance and snow removal.
- A condominium, or condo, is an individually owned unit in a complex or building of units.
- A condo owner owns the air space inside their condo, sharing an ownership interest in the community property, such as the floor, walls, sidewalks, stairwells, and exterior areas.
- A general requirement of a condo owner is monthly payments to a condominium association that is in charge of property upkeep.
- The main difference between an apartment and a condo is ownership; an apartment is generally rented and a condo is owned.
- If major repairs are needed, condo owners may be assessed a special fee, in addition to their regular fees, to cover such costs.
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