Portray a condominium mission could be a daunting process. Additionally, the homeowners of the individual models additionally collectively personal the common areas of the property, reminiscent of hallways, walkways, laundry rooms, and so forth., as well as frequent utilities and facilities, such because the HVAC system, elevators, and so forth. Many shopping malls are industrial condominiums during which the individual retail and office areas are owned by the businesses that occupy them while the widespread areas of the mall are collectively owned by all of the business entities that personal the individual areas.
A building developed as a condominium (and sold in individual items to totally different owners) might actually be constructed at another location as an residence building (the developers would retain possession and rent particular person models to totally different tenants).
A major convenience of waterfront condominium dwelling is that the entire waterfront upkeep is dealt with by experienced staff on the property. Membership of a condo is obtained by shopping for the shares on the open market, most often via a real estate agent.
Whereas dwelling in a spacious condominium you can too reap the advantages of waterfront housing. So, if the shutters are usually not part of the unit, however as a substitute are included in the definition of the general widespread parts, you can go away their maintenance to the affiliation.
You can (when you’re nonetheless within the purchase course of) get a copy of the relevant governing documents (condominium map and CC&R’s) from either your real property agent, a real property attorney, the title company dealing with the purchase transaction, or the actual estate records within the county the condominium is situated in. This article will deal with what to search for within them.