Tag: meaning

Condominium Definition & Meaning

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The escrow agreement and the reservation settlement kind shall embrace an announcement of the right of the potential purchaser to an immediate unqualified refund of the reservation deposit moneys upon written request to the escrow agent by the possible purchaser or the developer. The division may quickly revoke its acceptance of the filing for the developer to which the restitution relates until fee of restitution is made. The leased land have to be recognized by an outline that is enough to cross title, and the leased private property must be identified by a basic description of the gadgets of private property and the approximate number of each item of private property that the developer is committing to furnish for every room or different facility. In the choice, the private property could also be recognized by a representation as to the minimum quantity of expenditure that will be made to purchase the personal property for the ability.

The taxes and special assessments levied towards every condominium parcel shall constitute a lien only upon the condominium parcel assessed and upon no different portion of the condominium property. The association shall function termination trustee until one other person is appointed in the plan …

Condo Meaning In The Cambridge English Dictionary

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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 …