Condominiums are usually a adore it or hate it subject with property owners. Additionally, the homeowners of the person items also collectively own the frequent areas of the property, comparable to hallways, walkways, laundry rooms, and so forth.; in addition to common utilities and amenities, such because the HVAC system, elevators, and so on. Many buying malls are industrial condominiums in which the individual retail and office areas are owned by the businesses that occupy them whereas the common areas of the mall are collectively owned by all of the enterprise entities that own the person spaces.

A constructing developed as a condominium (and bought in particular person items to totally different owners) might actually be built at another location as an condo constructing (the developers would retain ownership and hire individual items to totally different tenants). In many circumstances, the constructing or growth’s master insurance policy solely covers fireplace and storm injury to the first structure and customary areas.

Conversion condominiums” discuss with units in a constructing that was previously used for one thing else but has been, or is to be, renovated for residential use. If you select to promote, coops and condos are usually advertised and marketed …

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