condominiums , often abbreviated to condos , are real estate types that are divided into several units, each owned separately, surrounded by commonly shared areas.
Residential condominiums are often built as apartment buildings, but there has been an increase in the number of "separate condos", which look like single-family homes but where courtyards, exterior buildings, and streets are jointly owned and managed jointly by community associations.
Unlike apartments, which are rented by their tenants, condominium units are owned directly. In addition, the owners of individual units also collectively have a common area of ​​property, such as hallways, sidewalks, laundry rooms, etc.; as well as utilities and public facilities, such as HVAC systems, elevators, and so on. Many shopping centers are industrial condominiums where individual office spaces and offices are owned by businesses that occupy them while mall public areas are collectively owned by all business entities that have their own spaces.
Public areas, facilities and utilities are managed collectively by owners through their associations, such as homeowners' associations.
Scholars have traced the earliest use of the tenurial condominium form to a document of the first century Babylon. The word condo comes from the Latin.
The term "condominium" is used throughout the United States and in most Canadian provinces, where such properties are also known as "condos". Strata degree is used in Canada's British Columbia Province, as well as in Australia and New Zealand; while commonhold is used in the UK and the term used in South Africa is section title.
Italy uses condominio , which is just a modern Italian condo form. Both condo and condo are used daily in Canadian Quebec Province, where the official term is copegrà © à © tÃÆ'  © divise or "co- property compile "(noun" plan, "rather than verb). In France, however, the term is simply copegrà © à © tà © Ã… © , "co-property," and the general area of ​​this property is usually managed by Syndicat de copropriÃÆ' © tà ©  © or "co-property union" ("union" in the sense of "association").
Spanish-speaking countries and regions often use the term horizontal propiedad , literally "horizontal property" but in abstract means that all property owners have the same interests. The word condominio is also used.
Video Condominium
Etymology
"Condominium" is a Latin word formed by adding the prefix con - ("together") to the word dominium ("domain, property, ownership"). Because it means "joint property".
Condominia (plural condominiums in Latin) originally refers to an area where two or more sovereign powers share a common power. This technique is often used to resolve border disputes when some plaintiffs can not agree on how to partition the disputed territory.
For example, from 1818 to 1846, the Oregon Country is a condominium in which both the United States and Great Britain share common sovereignty, before joining the US.
Maps Condominium
Overview
Especially in the context of the United States
The difference between "apartment" and condominium complexes is purely legal. There is no way to distinguish the condo from the apartment just by looking or visiting the building. What defines condos is a form of ownership. A building developed as a condominium (and sold in an individual unit to various owners ) can actually be built in another location as an apartment building (the developer will retain ownership and individual units to different tenants ). As a practical matter, builders tend to build condos with higher quality standards than apartment complexes because of the difference between rental and sales markets.
Technically, condos are a collection of individual house units and common areas along with the ground on which they sit. Ownership of individual homes in a condominium is interpreted as the only ownership of air space that limits the boundaries of the house. The boundaries of space are determined by legal documents known as the Declaration, filed on a note with local government authorities. Typically, these boundaries will cover the walls around the condo, allowing homeowners to make some interior modifications without affecting the common areas. Anything beyond this limit is held in an undivided ownership by a company established at the creation of a condominium. The corporation holds this property in trust on behalf of the homeowner as a group - he may not have ownership of it himself.
The condo has conditions, agreements, and restrictions, and often additional rules govern how each unit owner shares space.
It is also possible for a condo consisting of a single family residence. There are also "separate condos" where the homeowner does not keep the exterior of the residences, yards, etc. And "condo sites" where the owner has greater control and possibility of ownership (as in many "condos" or "many lines") on top of exterior appearance. This structure is favored by some planned environments and gated communities.
Home Owners Association (HOA)
The homeowners' association (HOA), whose member is the unit owner, manages the condominium through a board of directors elected by the membership. It exists under various names depending on the jurisdiction, such as "unit title", "section title", "public place", "strata board", or "tenant owner association", "corporate body", "Company owner", " condominium "or" condominium association ". Another variation of this concept is "time-sharing", although not all time shares are condominiums, and not all time shares involve the actual ownership of (that is, abandoned rights) real property. Condos can be found in both the civil law system and the common law because it is purely a law-making. Among other things, HOA assesses unit owners for general area maintenance fees, etc. That is, HOA decides how much each owner should pay and has the legal power to collect it.
Description of accommodation unit
The description of condominium units and common areas and their use restrictions are set out in a document commonly called "Master Deed" (also known as "Enabling Declaration", "Conditional Declaration", or "Condo Document".) Among other things, this provides for the creation of HOAs The rules of governance for associations are usually covered in a separate set of rules that generally govern the internal affairs of the condominium.Internative condominiums typically assign ownership association responsibilities, voting procedures for use at association meetings, qualifications, powers and duties and the duties of the owners in relation to the assessment, maintenance and use of units and public areas.Finally, a set of rules and regulations provide specific details about the restrictions on the behavior of unit owners and residents defined by HOA.It is easier to develop than declarations or rules of association, bias I just need a vote from the HOA board. General rules include mandatory maintenance fees (may be collected monthly), pet restrictions, and color/design options visible from outside the unit. Generally, this set of rules and regulations is available to residents and or as a matter of public records through condo association websites or homeowners or through public files, depending on the country and applicable laws. Condos are usually owned with a modest title fee, but can be owned in ways that other real estate owners can own, such as ownership in trust. In some jurisdictions, such as Ontario, Canada or Hawaii USA, there is a "rentable infrastructure" where construction is built on rented land.
In general, condominium unit owners can rent their homes to tenants, similar to leasing other real estate, although lease rights may be subject to the conditions or restrictions set forth in the declaration (such as the lease limit for the total number of units in the community that can be rented at one time) or otherwise as permitted by local law.
Non-residential use
Condominium ownership is also used, albeit less frequently, for non-residential land use: offices, hotel rooms, retail stores, private airports, marinas, group housing facilities (vacant homes or dormitories), vacant lots (in British Columbia) and storage. The legal structure is the same, and many of the benefits are similar; for example, a nonprofit company may face a lower tax liability in an office condominium than in a leased office from a taxable non-profit company. However, the frequent turnover of commercial land uses can in particular make inflexible condominium arrangements problematic.
Similar concepts
There are many forms of real estate ownership similar to condominiums but not identical.
Private privately owned homes with many private possessions can be part of a community with homeowner associations. Such associations can manage public park areas, for example, or access roads, or architectural standards for houses.
In a townhouse complex, several physical houses are combined into one architectural building. Each unit owner has an identifiable piece of land and a building attached to it, but the building is physically part of a larger building that covers many things. There is a continuous roof and foundation and a single wall divides the adjacent townhouse. If any of the apartments below are not owned by the townhouse owners it is not a townhouse just a bi-level apartment, condo. Legally, this is very similar to a separate house, but due to the intertwining of interest in an architectural building, a homeowners association is required. It is not practical, for example replacing the roof of only one townhouse. But unlike condos, HOA townhouse complexes do not have a building or a land underneath. This is basically under contract to the townhouses owner to maintain the parts of the building that are difficult to share. Even the walls between the townhouses are usually outside the scope of HOA, which is shared and maintained by the townhouses on both sides. Like condos, townhouse complexes often have common areas for roads, parking lots, clubhouses, and the like.
Shelters are like townhouses, except they are not physically connected. They are independent structures that have no space between them. Technically, they are detached.
A building with many housing units can only be shared by many, with each having special rights to a particular unit and undivided interest in the remainder. It's like a condo, but there's no HOA with legal force. Much more difficult to govern, because individual unit owners often have to agree unanimously or necessary court intervention.
The California Statute recognizes three types of "mutual interest development": condominiums, townhouses and community apartments, with the latter being the common-owned concept described above.
By country
Australia
In Australia, condos are known as "strata title schemes" or "community title schemes".
Canada
One in eight Canadian households live in condo homes, colloquially known as "condos", mostly located in some metropolitan census areas by Statistics Canada Condominiums are present in most of Canada although more common in big cities. They are organized under provincial or territorial laws and certain legal details vary from jurisdiction to jurisdiction. In most Canadians, they are referred to as Condominiums, except in British Columbia where they are referred to as strata syndicate of common ownership >. The Brentwood Village townhouse complex in Edmonton, Alberta, is the first condo development in Canada (registered in 1967). With regular condominiums, unit owners usually have internal unit space and parts of the corporation; the corporation has an outside part of the building's land and public areas; in the case of condo freehold owners own land and buildings and the company has a common common road and facility. The Canadian Condominium Institute is a non-profit association of condominium owners and corporates with multiple branches in each province and territory. The Condo Owners Association COA Ontario is a nonprofit association representing condo owners with divisions across provinces and districts in different cities.
Denmark
Apartments (Denmark ejerlejlighed , literally "owner-apartments") consist of about 5% of Danish homes. They are traded and mortgaged in the same market as free-standing houses, and are treated legally like other forms of real estate. Each tenant-tenant directly owns his own apartment; the remainder of the building and the land on which it stands is held jointly by the owners of the apartments that run their joint ownership through the owner's association . The cost of maintaining a shared property is shared pro rata
Another 5% of Danish homes are in residential cooperatives (Denmark andelsbolig ), which occupies the middle legal position between condominiums and housing associations. The entire property is legally owned by a non-profit company in which the lessee owns the shares; each share has the right and obligation to rent an apartment from the cooperative. Shares can be bought and sold, but often the rules of the co-operative tightly limit the price they can change. (In contrast, condos are traded on the free market). Because official stock prices are often lower than market value and sellers often retain the freedom to choose who to sell, under-the-table payments are common.
Current public policy prefers condos rather than housing cooperatives, and recent legislation aims to create condominiums that are more condominiums. For example, since 2005, cooperative shares can be used to obtain bank loans. (However, Danish mortgage banks may still not mortgaged individual housing cooperative apartments).
English and Wales, English
In England and Wales, the condominium equivalent is public property, a form of ownership introduced in September 2004. On June 3, 2009, there were 12 public housing developments consisting of 97 units in the UK and one public housing development, consisting of 30 units, at Wales..
"Condo" is not a widely used term in England and Wales. The preferred term is "flat block" with variations for certain circumstances.
Commonhold is a statute and relatively sparse creature, and condominiums are more likely to be found in infrastructure.
In English law it is not possible to enforce positive agreements on owners of property rights in a row, in addition to maintaining boundary fences, without creating complicated beliefs. A positive agreement is, broadly, involving spending money to do.
This did not create significant problems until the 1950s, when the "flat" (where ownership is shared horizontally) first began to appear on the market because it was more affordable especially for first time buyers. Until then, flats were limited to short-term, non-salable term, with varying degrees of rent protection and assurance of ownership.
It soon became known that flat freehold is an unsatisfactory form of ownership because it is impossible to impose essential maintenance requirements. Thus, the flats become barely marketable because it is an unacceptable form of security for the lender. So, the lawyers, the main property lawyers in England and Wales in those days, began using leases instead, where such restrictions do not apply.
Progress is gratuitous and gradual, but as time goes by everything becomes more standardized. Improvements become universal because institutional lenders refuse to advance money on flat security unless certain basic provisions are included. These beneficiary owners whether they borrow money or not because purchases are always made through licensed lawyers or licensed service providers to refuse rent that fails to meet the required standards.
Despite these standards, the actual form of the infrastructure system is variable. It is preferably an arrangement in which the lease is granted from the freehold owned by the company, owned by individual leaseholders. This provides an opportunity for them to participate in the proper management of the block. Again, the quality of management varies greatly.
The law creates commonholds motivated by the desire to eliminate some perceived problems and injustices, such as the commercial exploitation of the "lessee" by the rights holder as their lease begins to have too little time left to satisfy the lender. Since most infrastructure development is done by commercial entities, public places are not widespread. However, there are other laws that provide protection for leaseholders. It is, however, important to consider appropriate legal advice whenever involved in the purchase of an apartment, as the requirements for fully marketable flats remain complex.
The Law of Property Act 1925, s.153, contains provisions for "extension" of leases to property, one of which is to maintain the enforceability of the positive agreements contained in the lease of the resulting property rights. There are clear, but strict requirements. Artificial schemes that use the provision to create positive agreements that can be exercised in freehold flats are sometimes debated but never earn a currency.
Scotland has a separate legal system from England and Wales and is a separate consideration.
Finnish
In Finland, arrangements such as condominiums where real estate ownership is assigned to a particular apartment (Finland: hallinnanjakosopimus , Sweden: avtal om deling av besittningen ) is usually used only with separate or semi-detached houses.
Housing cooperatives are a common form of home ownership in Finland. Owning shares that correspond to one apartment in a housing company is generally considered as having own home as actually having a house (a single family). However, the stock is not considered a real estate but as a private property and the co-op may take ownership of the apartment for a period of time and expel tenants or owners due to unpaid interruptions or maintenance costs.
The Finnish housing cooperative is incorporated as a non-profit limited liability company (Finland: asunto-osakeyhtiÃÆ'¶ , Swedish: bostadsaktiebolag ), where one section usually represents one square meter (sometimes ten) of the apartment.
Membership of a condominium is obtained by buying shares in the open market, most often through a real estate agent. No board approval is required to buy shares. There is usually no requirement for the owner (s) to stay in the condo. Having an apartment for rent is a common form of savings and private investment in Finland.
German
In Germany, the Condominium is known as "Eigentumswohnung" and the most important law that considers condominiums is the German Condominium Act (WEG). This is the basis for all legal regulations involving ownership of individual property rights, rights, duties of homeowners associations and condominium management. This law began in 1951, but reinstated in 2007. Now homeowners are invested with partial legal capacity, which means that the homeowner association represents an entity with rights and obligations that may include the contract. Proprietary rights are shared in the first article of the German Condo Act into home ownership, ownership of individual property, share ownership and stock ownership. [2]
Hong Kong
The condo is known as "private housing" (as opposed to "public housing") in Hong Kong.
Hungarian
The condo (Hungary: "tÃÆ'¡rsashÃÆ'¡z") was formally introduced in 1924. Condominium properties are traded and mortgaged in the same market as free-standing homes, and treated like other forms of real estate. The condominium acts as a non-profit legal entity that guards the public areas of the property, and is managed by a representative chosen by the owner's convention.
Decisions involving changes to terms and conditions, or larger general costs, need to be approved by a convention, in which voting power is based on the percentage of property held.
Actually, condominiums are a frequent legal form of housing in Hungarian cities where the privatization of state-owned or municipal flats is done mainly in the 1990s.
India
In India, condominiums are known as "Apartment Buildings" or "Flats". Each building consists of several floors and flats with different configurations. The most common configurations are "1-BHK", "2-BHK" and "3-BHK" (BHK stands for bedroom-kitchen-hall).
The homeowners' association is usually called the Co-operative Housing Society (CHS) which needs to be registered with the municipality.
Israel
In Israel, condominiums (known as "home" or "co-operative house") are common forms of home ownership. Public housing has historically been organized as purchases and subsidized mortgages in government-built condominiums.
Italy
In Italy, condominiums are regulated by law, most recently reformed in 2012. Shared ownership of common parts of buildings (such as staircases, main walls, facades, roofs, front yard is mandatory: the owner does not may assign the rights to the common component for not paying the cost The quota of each owner in the condominium is expressed in thousands ( "millesimi") of the whole: it is used to determine the majority in the assembly council condominiali ").
Netherlands
See housing cooperative under owner association .
Norwegian
The condo (Norway Eierseksjon ) was officially introduced in 1983. About 19% of Norwegian homes are condominiums, as about 50% of the owners' flats and duplexes, about 30% of the trailer houses and 2 , 5% of separate homes are set up as condos.
Pakistan
The title "Condo" is not used in Pakistan but is called "Flats" for average temporary style buildings "Complexes" for sophisticated and larger buildings. The minimum floor for buildings classified as "Flats" is four, with a requirement to have at least one elevator or lift for buildings on four floors. Almost all have a separate space called "Drawing Room", which is used for the purpose of guest entertainment. However, its use as a TV room and dining room are common. Another unique feature is the balcony or "terrace", which is standard for all flats.
Philippines
In the Philippines, condominiums are classified into three types: low rise, medium, and high. Condos has a special type of ownership called CCT-condominium transfer certificate.
Singapore and Malaysia
In Singapore and Malaysia, "Condo" or "Condominium" is a term used for residential buildings with some special luxury features such as security guards, swimming pools or tennis courts.
In Singapore, most homes without such features are built by the Government Housing Development Board (HDB), and the HDB units can be owned for hire or individual purchases from the government. Condominiums and HDB flats are the majority of residential housing available in the country.
South Africa
In South Africa, the condominium is known as the "Sectional Title" property, and is governed by the Sectional Titles Act no. 95 in 1986. The town-house complex and many apartment blocks usually have this title form. The complex owner is a Corporate Body, and the Corporate Body selects a group of Trustees to manage the day-to-day management of the complex, which often hires companies specializing in complex management, known as Managing Agents.
Spanish
In Spain, condominiums are known as "comunidad de propietarios" (legal term) and "comunidad de vecinos" (popular term), and are governed by Ley de Propiedad Horizontal (L.P.H.) which significantly extends the Civil Code of Spain. L.P.H. into law in 1960 and more than half of the Spanish population live in condominiums. According to INE, there are nearly 840,000 condominiums in Spain consisting of about 9 million habitat buildings.
Swedish
On May 1, 2009, condos ( ÃÆ'¤garlÃÆ'¤genheter ) became available for the first time under Swedish law. Of the 14,447 newly built apartments completed in 2009, only six condos. Most of the production, 7,723 units, are apartments in residential cooperatives ( bostadsrÃÆ'¤ttslÃÆ'¤genheter ), the traditional form of owners who occupy apartment housing. By the end of 2014, there are a total of 955 condos throughout Sweden.
Thai
The condo is known as "Con-doh" and almost in Bangkok.
United States
The first condominium legislation passed in the United States was at the Commonwealth of Puerto Rico in 1958. In 1960, the first condo in the United States was built in Salt Lake City, Utah. The concept of law had spread to the United States from Europe through the Caribbean (Puerto Rico and Cuba) but throughout the 1960s widely and erroneously reported that the concept had appeared in the United States directly based on the Ancient Roman model. In fact the concept of plantations in the air is against the Roman Law and there is no evidence of an ancient Roman "condominio"
Section 234 of the 1961 Housing Act allows the Federal Housing Administration to insure mortgages on condominiums, leading to a substantial increase in available funds for condominiums, and condo laws in each state in 1969. Many of America's first widespread awareness about condominium life. came not from its largest cities but from South Florida, where developers have imported condominium concepts from Puerto Rico and used them to sell thousands of cheap homes to retirees arriving with cash from urban areas of the Northern United States.
The main attraction for this type of ownership is the ability to get affordable housing in a highly desirable area that is usually beyond the reach of the economy. In addition, such properties benefit from restrictions that maintain and increase value, providing control over diseases affecting multiple environments.
Over the last few decades, the residential condominium industry has grown rapidly in all major metropolitan areas like Miami, San Francisco, Seattle, Boston, Chicago, Austin, Los Angeles and New York City. However, in recent years, supply in the condominium industry has been pursuing demand and sales have slowed. Now in the deceleration phase.
An alternative form of ownership, which is popular in some parts of the United States but also found in other common law jurisdictions, is a housing cooperative, also known as "company stock" or "co-op". Housing Cooperative is where the building owns a related legal company and shares ownership entitles to rent for residence units. Another form of land lease ( solarium ) in which one landlord retains ownership of the land ( solum ) but hires the superficies ( superficies) updating in duration or in a very long period of time. This is comparable to the civil-law emphyteusis, except that emphyteusis shifts up-keep tasks and makes improvements to tenants.
In the United States, there are several different styles of condominium complexes. For example, the condo garden complex consists of a low-rise building built with landscapes surrounding it. The condominium townhouse complex consists of semi-detached semi-floored houses. In a condominium townhouse, buyers only have interiors, while the building itself is owned by a condominium company. Corporations are jointly owned by all owners, and charge for general maintenance and major repairs. Freehold townhouses are exclusively owned, without the condo aspect. In the United States, this type of ownership is called a modest fee.
The New York Condo Act was passed in 1964. The first condominium building was St. Tropez Condominium in Manhattan built in 1965.
See also
- Canadian Condominium Institute
- Condo Owner's Association
- Condo car
- Community Association Institute
- Condo conversion
- Condop
- Dockhouse, water-based version
- Housing cooperative
- Private housing in Hong Kong
- House insurance
- List of condos in the United States
- List of condos in Canada
- Multi-family shelter
- Property management
References
External links
- The Community Association Institute site
- Canadian Condominium Institute Website
Source of the article : Wikipedia
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