A condominium, or condo, is a type of property, usually used as housing. It is set up so that separate individuals own a specific amount of an entire estate. Communal facilities on the property, such as elevators, heating and cooling systems, exterior areas, and hallways, in a portion are linked with the individual owner and looked over by owners that collectively represent the whole. In other terms, condos are housing that residents buy and own, instead of renting.

Legal affairs are what draw the main differences between apartment complexes and condos. In fact, in regards to appearance only, there are not many differences between the two housing units. Though condos are known to be more expensive because of their higher quality and their presence in the sale market, not rental market. Condos share a building, even though units are sold to different owners, and are characterized by ownership. In the case of apartments, the developers have ownership and rent, not sell, out units to tenants.

Essentially, condos are a collection of individual homes that share common areas. These communal ares are located outside of the unit boundaries and held in an undivided ownership by the corporation that was chosen when the building was developed. This corporations does not and cannot hold ownership itself. Instead, it owns the property trust on behalf of homeowners as a group.

To organize how the communal space is used in common with others, there are conditions, covenants, and restrictions laid out. Single dwellings, also referred to as detached, are available in some condo units. These do not require owners to care for the exterior area. There are also site condos. These give owners more control over the exterior areas, and in some cases, ownership. Many include some form of homeowners association, HOA, that has a board of elected officials.

An important document called the master deed is where most of the restrictions and details about units and communal areas is laid out. It often includes information relating to the HOA as well. Most rules for the association are placed in separate bylaws that are established as a way to govern the internal condo affairs.

Owners usually buy condos, and sometimes, they rent out the space that they own to tenants. This process would be carried out in a similar fashion as other renting of real estate is. However, leasing rights may vary based on local law and other restrictions.

It is not common, but sometimes these structures are for non-residential use. Owners may choose to use them for lodging, offices, group housing, retail, or even storage. In these cases, legal affairs stay int eh same order. Though it is important to note that this type of arrangement could cause problems because of constant turnover of commercial property and inflexibility of this arrangement. Other real estate that function in a similar manner to condos: townhouses, row houses and multiple residential properties.

Housing or property that legally involves numerous individuals owning portions of the real estate is called a condominium. This structure is different from a complex in the respect that is sold to an owner and not rented to a tenant. In other regards, these structures are very similar, despite condos being considered higher quality. Sometimes these units are used for lodging, retail, office space, and storage.

Real estate agent specializing in downtown Toronto condos for sale and unique spaces with rustic charm, with a 10-year track record of satisfied clients.

Real estate agent specializing in downtown Toronto condos for sale and unique spaces with rustic charm, with a 10-year track record of satisfied clients.
http://www.sellingtorontohomes.com/

Author Bio: Real estate agent specializing in downtown Toronto condos for sale and unique spaces with rustic charm, with a 10-year track record of satisfied clients.

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