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Condominiums
the type of structure. In a condominium, a person owns his or her own apartment type living unit. In a legal sense, a condominium owner acquires a fee title interest in the airspace of the particular unit and an undivided interest in the land plus all other common areas, such as hallways, recreational facilities and so on. A condominium is sometimes called a vertical subdivision.
Each condominium owner has his or her own individual deed, real estate loan, and separate property tax assessment. A condominium interest is bought and sold like any other parcel of real estate. All condominiums owner associations that elect a governing board.
The governing board is responsible for the management of the complex, and sees to it that the building and common areas are maintained. The owners Association also says that use for each owner's share of the maintenance. |