Condominium ownership definition

Condominium ownership means the individual ownership of a particular apartment in a building and the common right to a share, with other co‑owners, in the general and limited common elements of the property;
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Condominium ownership means as defined in the Act.
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Condominium ownership implies the individual units will be sold to individual property owners. A home owners association funded by the property owners will provide maintenance of the Central Paseo landscaping, recreational amenities, hardscape, common areas, private interior streets and project monument signage. All residential owners must adhere to Covenants, Conditions and Restrictions (CC & R’s) for the future maintenance of their property. The CC & R’s will establish an Homeowners Association that provides for adequate property maintenance of the common areas, provisions for maintenance of landscaping, the sidewalk, irrigation within the public right-of-way, and provisions for the maintenance of onsite utilities; including storm drains, fire hydrants, and fire service lines. The CC & R’s also address all common area parking, drainage, lighting, landscaping, and irrigation and maintenance issues. Approximately 72,650 square feet of open space (excludes streets, building footprints and private yards) is proposed in the community. Common open space includes all areas outside of private open space (side and rear yards for Plans 3, 4) and all areas except side yards for Plans 1, 2). Common open space also includes all front yards, slopes along the project perimeter on the north and east, along the Site Drive frontage and along the park paseos. There is approximately 43,310 square feet of landscaping (excludes open space, sidewalks, driveways and hardscape).
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Examples of Condominium ownership in a sentence

  • Condominium ownership (characteristics, creation, and consumer protection).

  • It is understood that Condominium ownership is different from individually owned land and buildings.

  • Condominium ownership does not excuse compliance with these regulations whenever appropriate.

  • Condominium ownership in Costa Rica is a property right which combines various forms of ownership.

  • Condominium ownership may be created by initial development or by an owner or the co-owners of a structure by an express declaration of their intention to submit such property to the provisions of the "Unit Ownership Act," of North Carolina (Chapter 47A of the North Carolina General Statutes).

  • Condominium ownership shall comply with Section 21.45(5) of this ordinance.

  • Condominium ownership shall not exclude a multi-family property from this By-law.

  • Condominium ownership of real property is recognized in this state.

  • Condominium ownership is another equity-based model where several non-profit organizations jointly invest in the purchase of a building.

  • Condominium ownership recognized; fee simple estate in air space and common elements; inseparability.

Related to Condominium ownership

  • Condominium means a common interest community in which portions of the real estate are designated for separate ownership and the remainder of the real estate is designated for common ownership solely by the owners of those portions. A common interest community is not a condominium unless the undivided interests in the common elements are vested in the unit owners.

  • Condominium Plan means a plan described in Section 4285.

  • Condominium Property means the lands, leaseholds, and personal property that are subjected to condominium ownership, whether or not contiguous, and all improvements thereon and all easements and rights appurtenant thereto intended for use in connection with the condominium.

  • Condominium Project Real estate including the separate ownership in fee, or on a satisfactory leasehold estate, of a particular residential unit with an indivisible interest in the real estate designated for common ownership strictly by unit owners.

  • Condominium unit A Single Family Property within a Condominium Project.

  • Condominium Corporation means a condominium or strata corporation established under provincial legislation.

  • Leasehold condominium means a condominium in which all or a portion of the real estate is subject to a lease the expiration or termination of which will terminate the condominium or reduce its size.

  • Condominium Act means Article 9-B of the Real Property Law of the State of New York or any statute enacted in lieu thereof.

  • Condominium Declaration means the Declaration of Condominium for NetApp RTP Phase I Condominium recorded in Book 012647, Page 01310, Wake County, North Carolina Registry.

  • Condominium Documents means the master deed, recorded pursuant to this act, and any other instrument referred to in the master deed or bylaws which affects the rights and obligations of a co-owner in the condominium.

  • Condominium Association ’ means the organization, whose membership consists ex- clusively of all the unit owners in the con- dominium project, which is, or will be respon- sible for the operation, administration, and management of the condominium project;

  • Project means the goods or Services described in the Signature Document or a Work Order of this Contract.

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Heritage Building means a Building designated under Part IV of the Ontario Heritage Act, R.S.O. 1990, c. O.18, or any successor legislation, or a Building designated under Part V of the Ontario Heritage Act,R.S.O. 1990, c. O.18, or any successor legislation, which has been identified as a significant heritage resource in a conservation district plan and any Building listed in the Markham Register of Property of Cultural Heritage Value of Interest;

  • apartment building means a residential use building, or the residential use portion of a mixed-use building, other than a townhouse or stacked townhouse containing four or more dwelling units each of which shall have access to above grade common halls, stairs, elevators, and yards;

  • Water surface elevation means the height, in relation to the National Geodetic Vertical Datum (NGVD) of 1929, the North American Vertical Datum (NAVD) of 1988, or other datum, where specified, of floods of various magnitudes and frequencies in the floodplains of riverine areas.

  • Common Properties means and refer to those areas of land shown on any recorded subdivision plat of The Properties and intended to be devoted to the common use and enjoyment of the owners of The Properties.

  • Land means the land described in Exhibit A.

  • Building Project means the aggregate combined parcel of land on a portion of which are the improvements of which the Premises form a part, with all the improvements thereon, said improvements being a part of the block and lot for tax purposes which are applicable to the aforesaid land.

  • Common Property means any and all real and personal property and easements and other interests therein, together with the facilities and improvements located thereon, now or hereafter owned by the Association for the common use and enjoyment of the Owners.

  • Residential building means a building containing one or more residential dwellings.

  • Redevelopment Property means a property owned by the Company or a Consolidated Subsidiary (a) where the commenced leased square footage is less than 60% of the sum of net rentable square feet and redevelopment space, with reasonable adjustments to leased square footage determined in good faith by the Company, including adjustments for available power, required support space and common area and (b) that the Company reasonably characterizes as held in whole or in part for redevelopment.

  • Office Building (Premises), means a building or premises or part thereof whose sole or principal use is for an office or for office purposes or clerical work. "Office purposes" includes the purpose of administration, clerical work, handling money, telephone, telegraph and computer operation; and "clerical work" includes writing, book-keeping, sorting papers typing, filing, duplicating, punching cards or tapes, machines calculations, drawing of matter for publication and editorial preparation of matter for publication.

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.

  • Water Surface Elevation (WSE means the height, in relation to mean sea level, of floods of various magnitudes and frequencies in the floodplains of coastal or riverine areas.

  • the Land means the land on which the development would be carried out or, in relation to development already carried out, has been carried out;