Condominium (Living Space)
Another variation of this concept is the “time share”, although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute. Among other things, the HOA assesses unit owners for the costs of maintaining the common areas, etc. That is, the HOA decides how much each owner should pay and has the legal power to collect that.
Additionally, such properties benefit from having restrictions that maintain and enhance value, providing control over blight that plagues some neighborhoods. Over the past several decades, the residential condominium industry has been booming in some metropolitan areas, such as Miami, San Francisco, Seattle, Boston, Chicago, Austin, Los Angeles, and New York City. However, in recent years, supply within the condo industry has caught up with demand, and sales have slowed. It is now in a slowdown phase.
Poliakoff, G: Law of Condominium Operations, §1.2. Natelson, Robert (1987). “Comments on the Historiography of Condominium: The Myth of Roman Origin” (PDF). New York Daily News. American Society of Planning Officials. Clarke, Katherine (13 June 2014). “Sales slow at high-end condos as pricey pads grow plentiful around city”. By using this site, you agree to the Terms of Use and Privacy Policy. Caves, R. W. (2004). Encyclopedia of the City. Kerr, William (2013). “Condominium – Statutory Implementation”. Text is available under the Creative Commons Attribution-ShareAlike License 3.0; additional terms may apply. City of Oklahoma Law Review. St. John’s Law Review. Carter, Charles; Marcus, Allen. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. Cheung, Maria (6 May 2014). “The Art of Wooing a Co-op/Condo Board”. The People’s Law Library of Maryland.
The Canadian Condominium Institute is a non-profit association of condominium owners and corporations with chapters in each province and territory. Each owner-tenant directly owns their own apartment; the rest of the building and the ground on which it stands is owned jointly by the apartment owners, who execute their joint ownership through an owner’s association. They are traded and mortgaged on the same markets as freestanding houses, and are treated legally much like other forms of real estate. Apartments (Read More Here bangkok.thaibounty.com) (Danish ejerlejlighed, literally “owner-apartment”) comprise some 5% of Danish homes. The Condo Owners Association COA Ontario is a non-profit association representing condominium owners with divisions across the province and districts within the various municipalities.
In the Philippines, condominiums are classified into three types: low-rise, mid-rise, and high-rise. Please help improve this section by adding citations to reliable sources. Condos have a special type of ownership title called a CCT – condominium certificate of title. Condominiums usually have amenities, like swimming pools, owned parking, a clubhouse, and a building for administration. Unsourced material may be challenged and removed. This section does not cite any sources.
