A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece.
The difference between a condominium and an apartment complex is purely legal: there is no way to know a condominium from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership. The same building developed as a condominium (and sold in individual units to different owners) could actually be built someplace else as an apartment building (the developers would retain ownership and rent individual units to different tenants). As a practical matter, though, builders tend to build condominiums to higher quality standards than apartment complexes because of the differences between the rental and sale markets.
It is also possible for a condominium to consist of single family dwellings: so-called ?detached condominiums? where homeowners do not maintain the exteriors of the dwellings, yards, etc. or ?site condominiums? where the owner has more control and possible ownership (as in a ?whole lot? or ?lot line? condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities.
The description of the condominium units and the common areas and any restrictions on their use is established in a document commonly called a ?Master Deed? (also known as the ?Enabling Declaration?, the ?Declaration of Conditions?, or the ?Condominium Document?). Among other things, this document provides for the creation of the Homeowners Association (HOA). Rules of governance for the association are usually covered under a separate set of bylaws which generally govern the internal affairs of the condominium. Condominium bylaws usually establish the responsibilities of the owners? association; the voting procedures to be used at association meetings; the qualifications, powers, and duties of the board of directors; the powers and duties of the officers; and the obligations of the owners with regard to assessments, maintenance, and use of the units and common areas. Finally, a set of rules and regulations providing specific details of restrictions on conduct of unit owners and residents are established by the HOA.
We hope this post helped you better understand what a condominium / condo is from a legal standpoint and what the differences are between a condo vs. apartment.? If you would like more information about condos in the South Tampa real estate market contact an URBAN REALTOR? with SHELTER | Urban Real Estate at 813.951.0907 or by email at info@SHELTERtampa.com.
SHELTER | Live Better.
Source: http://www.sheltertampa.com/what-is-a-condominium-legally-speaking/
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