How Normanton Park Condo Works
What is a Condominium?
A condominium, also known as a “condo”, is a large property development that consists of several units. Each unit is individually owned. The ownership usually includes a nonexclusive right in certain commercial properties that is managed by the condominium management. A board of condominium owners oversees the day-to-day operation of the complex. This includes snow removal and lawn maintenance.
The Key Takeaways
- A condo or condominium is an individual unit that can be owned in a complex of units.
- Condo owners own the air space in their condo and share an ownership interest within the community property such as the floor, walls sidewalks, stairwells and exterior areas.
- Condo owners must pay monthly dues to the condominium association responsible for property maintenance.
- An apartment is rented, while a condo can be owned.
- Condo owners might be charged a special fee if major repairs are required.
How Normanton Park Condo works
One definition of a condo is to own the air space in a multi-unit building. This description shows that the title of a condo owner does not include the four walls which divide the unit from the other units or common areas. All areas of the condo are part of the common ownership, including the floor, ceilings, sidewalks and stairwells as well as the exterior.
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A residential highrise is one common type of condominium that offers housing for multiple families. The concept does not apply to high-rise buildings only. It also applies to residential properties. Sometimes, residential townhouses can be developed as condominiums. The concept can also be applied to commercial properties such as office condominiums.
Different condominium developers provide parking spaces and garages for unit owners in different ways. These spaces may be reserved for limited areas of common use. The condo association retains ownership, but the unit owner has exclusive rights to the garage or space. Other developments have the unit owner buying the garage or parking area and retaining ownership. The covenants, conditions and restrictions can still restrict the owner’s ability sell or rent the space without the unit.