Owning a condominium is considered a hybrid type of ownership as it is not a traditional ownership structure. There are some characteristics that can help in the definition of condominium ownership. An individual property unit is the space that is within the limits that have been specified. This can include multiple rooms, as well as an interior wall that divides different rooms in that specific unit. It also includes storage areas and balconies. The unit is landless airspace, but is still considered real property.

Common areas

The common areas are the other parts of said property. This is the area shared by all unit owners. This includes the ceiling, hallways, hallways, foundations, floors, elevators, ceilings, and basement, etc. Others are installations such as water, gas, electricity and heating. There are other areas such as the parking lots, the swimming pool, etc., which are also part of the common areas shared by the owners of the units.

ownership interest

Ownership interest in the property is conveyed through deed. The owner can sell his interest if he wishes. Like other types of property, it can be owned by one individual, or by two or more than two individuals, by a wife and husband, or by a business entity.

Taxes

As is the case with other types of property, owners of condominium units have to deduct property taxes as required by law. Each unit and interest in the common areas are generally considered as a package and are individually taxed and assessed. Common areas are not separately assessed or taxed. The owner is responsible for taxes within his own parcel.

associations

Typically, condominiums or unit owner associations are established when condominiums are created to ensure that all owners can maintain and manage the entire property as a team. An external property manager is usually assigned to handle all development and property management. There are some developments that have a community of owners and a community of condominium owners where they have responsibilities in different aspects related to the administration of the developments, as well as their maintenance.

There are governing documents that are created to offer guidance on how associations are supposed to operate. They also include some rules that all tenants, landlords, and guests must follow. These are the legal documents that can specify anything, including the type of pets allowed and the consequences of breaking any of the established rules. Some of the consequences can include a lawsuit, enforcement, and even fines.

monthly maturity

The association receives payments at different times of the year and this is the responsibility of the owners of the units. These dues cover maintenance and management expenses. Usually fixed and variable expenses due such as taxes, pool maintenance, landscaping, trash removal, building insurance, and also something to add to the reserve fund. If the money in a reserve fund is not enough, a special assessment can be charged to homeowners to handle special improvements and projects, such as furnace and roof repairs, etc.