Condominium

From ArticleWorld

A Condominium may be defined as a type of ownership in real property where all of the owners own the property, common areas and buildings together. It may be a structure of two or more units, the interior space of which is individually owned; the balance of the property is owned in common by the owners of the individual units. The purchaser receives title to a particular unit and a proportionate interest in the common areas.

Different names

Condominiums or condos as they are called in America and Canada are known as strata title in Australia and in the Canadian province of British Columbia. In most states they consist of individual apartments in a multi apartment building where the separate units are privately owned but common areas like lounges and hallways are owned and looked after jointly. Sometimes the individual units are separated i.e. they do not belong to a single apartment building instead are a part of a complex with individual houses called ‘detached condominiums’ or ‘site condominiums’. The only difference between the two is that in the former kind the house owners do not maintain the exteriors while in the latter type they have a say in how the exteriors are kept.

In different states

In Ontario, Canada Condominium Act 1998 governs the condominiums. This act requires that a board of members be elected and meet yearly to discuss matters relating to the running of the condominiums and for reelection of board members.

In America, along side condominiums, apartment like structures called cooperatives are also in existence. These cooperatives or co-ops as they are called exist under the common law jurisdiction in the Country.