A condominium is a combination of co-ownership and individual ownership. Those who own an apartment or a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment or condominium unit in the building is individually owned. In some States, the owners of the various units in the condominium have equal voice in the management and share an equal part of the expenses. In other States, control and liability for expenses are shared by a unit owner in the same ratio as the value of the unit bears to the value of the entire condominium project. The bigger condominium owners would have more say-so than the smaller condominium owners.
This Agreement to Lease a Condominium Unit is similar to a lease of an apartment.
Condominium With Apartment Block Meaning In Texas
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A condominium is generally defined as a system of separate ownership of individual units in multi-unit projects. A very popular way to do this is to tear down an existing single family residence and replace it with a two (or more) condominium project.This guide's main focus is on property owners' associations in residential subdivisions. Most laws discussed in this guide will not apply to condominiums. It turned out, in Texas, condo owners can be forced to sell their homes. The main difference comes down to ownership. A Condominium Contract is used when selling a unit (paint to paint). The building has a legal description, not the unit.