Condos, also known as condominiums, are a type of housing or property in which a specific portion of the whole real estate is individually owned. Access to and use of common facilities, such as hallways, elevators, exterior areas, and heating systems, in that portion is associated with the individual ownership and regulated by a group of owners that jointly represent the whole. In simpler terms, a condo is an apartment that a resident owns, not rents.

The difference between a condominium and an apartment complex is legal. Physically, there is no way to tell the difference between a condo and apartment. Though condos are typically of a higher quality because they are on a sale market rather than rental. Condos are defined by their ownership. Condominiums share a building, but each unit is sold to different owners. This is different from an apartment complex in which developers retain ownership of the building and rent units to different tenants.

Condominiums are, technically, a group of individual homes and common areas. Anything outside of the boundary of a unit is considered common area and is held in an undivided ownership interest by the corporation chosen at the time of building development. This corporation has this property in trust on behalf of the different homeowners as a collection. It does not and may not hold ownership itself.

There are conditions, restrictions, and covenants laid out that govern how owners are to share communal space. Some condominiums contain single dwellings. These so-called detached condos do not require owners to maintain exteriors. In contrast, site condos are where owners have more control of and sometimes ownership over the exterior. Generally a homeowners association, HOA, which consists of unit owners, manages the building through a board of elected directors.

A document called the master deed is where the description of units, common areas and restrictions is included. This document provides for creation of a homeowners association. Rules for this association are often covered in separate bylaws that govern internal condo affairs.

Though condominiums are sold to owners, owners may rent their home to tenants. This works in a similar fashion as renting any other type of estate. However, leasing rights may be subject to restrictions or conditions of local law.

Condominiums may also be used, though this is less common, for non-residential purposes such as hotel rooms, offices, retail shops, storage, and group housing. The legal ramifications are the same. The frequent turnover of commercial land can make condo arrangements could prove problematic because they are not as flexible. There are other forms of real estate ownership that share qualities of condominiums but have small differences. Some examples: townhouses, row houses, and buildings with multiple residential properties.

Condos are a form of housing arrangement or property where individuals own a portion of the real estate. This type of property differs from apartment complexes in legal terms because units are sold to owners, not rented to tenants. Other than the legal layout, there are not many physical differences between an apartment and a condo, though condominiums may be built at a higher quality and used as a office space, storage, retail shops, or hotel rooms.

The real estate market is hotter than ever. People from all over the world are flocking to Kimberley Condos to own a piece of the beautiful scenery and luxurious living accommodations. See what BC real estate has in store for you today.

The real estate market is hotter than ever. People from all over the world are flocking to http://www.mountainspiritresortandspa.com Kimberley Condos to own a piece of the beautiful scenery and luxurious living accommodations. See what http://www.mountainspiritresortandspa.com BC real estate has in store for you today.

Author Bio: The real estate market is hotter than ever. People from all over the world are flocking to Kimberley Condos to own a piece of the beautiful scenery and luxurious living accommodations. See what BC real estate has in store for you today.

Category: Real Estate
Keywords: real estate, business, home and family, travel, leisure, recreation, hobbies