Seller agrees to sell and the buyer agrees to buy a condominium unit under the terms and conditions of the contract. Other provisions of the agreement include: closing costs, deposits, insurance and proration.
Condominium Meaning In Real Estate In Virginia
Instant download
Description
Free preview
Form popularity
FAQ
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
Generally, a inium is a private residence that is rented out to tenants, it can be a flat/apartment or an independent house. But in modern use 'condo' is referred to apartments and flats only. Plus, iniums are owned and rented by individuals so renting a condo is more of a personal, one-on-one process.
For example, a garden inium complex consists of low-rise buildings built with landscaped grounds surrounding them. A townhouse inium complex consists of multi-floor semi-detached homes.
For example, a garden inium complex consists of low-rise buildings built with landscaped grounds surrounding them. A townhouse inium complex consists of multi-floor semi-detached homes.
Standard examples are the Canton and Enderbury Islands (a British–American inium from 1939 to 1979), the New Hebrides (a French–British inium from 1906 to 1980), the Samoan Islands (a German-British-American inium from 1889 to 1899), Sudan (a British–Egyptian inium to 1956), and Togoland (a ...
The Virginia inium Act (the “Act”) was enacted on July 1, 1974. It superseded the Horizontal Property Act, which was enacted in 1962. iniums are purely “creatures of statute” meaning that without the laws permitting them, they would not exist. In other words, they are a legal entity created by statute.
Maintenance, repair, and replacement of a limited common element is usually the responsibility of the association except to the extent the declaration shifts that duty to the unit owner.
Etymology. inium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'.
More info
"Condominium unit" means a unit together with the undivided interest in the common elements appertaining to that unit. A condominium is an individual housing unit situated within a larger condominium complex.Unlike renting an apartment, buying a condo means you own your unit. A condo, also known as a condominium, is a housing or residential complex where individuals own their units. A condominium is not a type of property. It is a type ownership. Condominiums are housing units in a large property complex that are sold to buyers. While apartments are generally rented, condos are owned. If you live in a condo, it's your home, but it's not a house. That's an important distinction, particularly when it comes to maintenance.