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What is the difference between condominium and condo?

A condo, also known as a condominium, is a housing or residential complex in which there are separate units, with each unit being owned by an individual. When someone rents a condo, theyre renting directly from the condominium owner.

What does condominium mean in mortgage?

A condominium (also known as a condo) is a privately-owned home within a multi-unit development. Each owner has a shared interest in the common areas of the buildingsuch as elevators, garages, gyms, etc. which are typically maintained through monthly homeowners association (HOA) fees.

What are the common elements in a condominium arrangement?

Common Elements are defined in the Project Documents, and may include but are not limited to parking, walkways, lighting, elevators, boilers, hallways, foyers, and legal ingress and egress to individual units. The term includes common areas and Limited Common Elements.

What are the common elements in a condominium arrangement distinguish between general common elements and limited common elements?

Common Element vs. Limited Common Element Common ElementLimited Common ElementAll areas outside of the condo unitsA restricted area used exclusively by one or more, but not all, residents or tenantsShared by allUsed only by one or more residentEqually sharedNot always equally shared2 more rows Apr 21, 2022

What is meant by condominium house?

A condominium, often shortened to simply condo, is a privately owned individual unit within a community of other units. In general, the owner usually owns the interior of their condo and the structural components of exterior walls.

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