Condominium: A subdivision providing an exclusive ownership interest in the airspace of a particular portion of real property, as well as an interest in common in a portion of that property.

 

Related Words

Condominium: A subdivision providing an exclusive ownership interest in the airspace of a particular portion of real property, as well as an interest in common in a portion of that property.

Condominium Ownership: An estate in real property consisting of an individual interest in an apartment or commercial unit and an undivided common interest in the common areas in the condo project such as the land, . . . View Full Definition

Declaration Of Condominium: The declaration includes: 1. A legal description of the condominium units and the common elements (including limited common elements-those that serve only one particular unit), 2. A copy of . . . View Full Definition

Uniform Condominium Act (UCA): Many states have adopted the Uniform Condominium Act (UCA). Under its provisions, a condominium is created and established when the owner of an existing building (or developer of unimproved . . . View Full Definition

General Agent: One authorized by a principal to perform any and all acts associated with the continued operation of a particular job or a certain business of the principal. The essential feature of a gener . . . View Full Definition

Converted-Use Properties: Factories, warehouses, office buildings, hotels, schools, churches and other structures that have been converted to residential use. Developers often find renovation of such properties more . . . View Full Definition

Homeowners Association: A nonprofit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, PUD or condominium.

Right Of First Refusal: The right to the first opportunity to lease or purchase real property. For example, apartment tenants might retain the right of first refusal when their units are being converted to condominiums.

Residential Property: Property that consists of homes, apartments, townhouses, and condominiums.

Time-Sharing: A modern approach to communal ownership and use of real estate that permits multiple purchasers to buy undivided interests in real property (usually in a resort condominium or hotel) with a . . . View Full Definition