The condominium is a kind of ownership of property namely residential apartment type property where multiple units would be occupied by different residents and residing in their own unit whereas the common areas of the property are owned commonly by all. All the occupants in a condominium share the costs of maintenance and other operational costs of the condominium commonly. You must have come across various the condos especially in the big cities having different names such as Louis 14 condos that are very popular nowadays.
The condos usually consist of large apartments where each individual apartment is owned by individual occupant or resident but the use and maintenance of common places like roof, lobby, hallways, driveway, elevators, pools, landscaping, fitness centre etc. are shared. The ownership or purchasing of a condominium is similar to that of owning or purchasing a house or buying a residential property. The owners of condos individually receive a deed each and own the unit that is the least restrictive type of the real estate ownership acknowledged by law. A condo owner has the right to sell or mortgage his or her individual unit or use as he or she wishes like a detached house unless the covenant or the agreement restricts such transfer or use.
Owning a condo and checking meyer mansion condos location is significantly different than owning a detached house. For example, you own the entire walls and spaces in a detached house whereas you own only in the interior wall of a condo unit and not the exterior wall and sometimes you own only the airspace of your unit including making some improvement of the space like painting, flooring, cabinets etc. Eventually, it is important to review and understand the covenant deed or the details of the agreement when you purchase a condo unit to know what comes under your personal and individual ownership, and what under common ownership, and what you can do and what not.
Usually, every condo is constituted with a management committee comprised of members of unitholders and this condominium association manages the condominium. Normally, all unitholders are the members of this association, but all do not get the right to act on behalf of the condo. The members of the association generally elect a management committee along withthe board of directors and officeholders who are legally authorised to act on behalf of the condominium and make necessary decisions for the smooth functioning of the condominium.