Condo Meaning In The Cambridge English Dictionary
In case you are consider buying a condo, you likely know that condominium purchases are one of many hottest actual property transactions going throughout peak dwelling shopping for season. The consequence: Despite the fact that there’s a similarity in constructing condos and flats, apartments are less complicated and just as profitable so practically all developers wind up building flats. They’re particularly common for retirees who need to have the ability to socialize or take advantage of services at communities that cater particularly to seniors Residing in a condominium may free you from a few of the common chores that associate with proudly owning a home, corresponding to yard and exterior upkeep.
The condominium acts as a non-profit authorized entity sustaining the frequent areas of the property, and is managed by a consultant elected by the owners’ convention. Given this necessary position, as of November 1, 2017, the Condominium Act, 1998 (the Act”) requires that every one condominium board administrators complete designated coaching courses within a sure timeframe.
Likewise, you and all of the other homeowners have the correct to sue for damages to the frequent property. The board is mostly made up of particular person condominium house owners. Condominium patrons …