Condominium legal Definition
Condominium legal Definition - A condominium, or condo, is that the style of housing tenure and alternative real property wherever a such a part of a piece of real estate (usually of an living accommodations house) is severally owned whereas use of and access to common facilities within the piece like hallways, heating system, elevators, exterior areas is executed below legal rights related to the individual possession and controlled by the association of owners that conjointly represent ownership of the entire piece. conversationally, the term is commonly accustomed refer to the unit itself in place of the word "apartment". A condominium is also merely outlined as an "apartment" that the resident "owns" as opposed to rents.
Condominium is that the legal term employed in the u. s. and in most provinces of Canada. In Australia and the state of British Columbia it's named as strata title. In Quebec the term "divided co-property" is used, though the informal name remains 'condominium'. In England and Wales the is equal to common hold, a style of possession introduced in 2004 and still uncommon in most places. In France the equivalent is termed Corporate (co-ownership), sometimes managed by the agent. In Denmark the equivalent is termed andel (shared ownership), typically managed by the boligforening.