A form of community ownership, where the building site and individual units are privately owned but title to the common area is held by an owner’s association, is known as a?

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11-08-2022
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A form of community ownership, where the building site and individual units are privately owned but title to the common area is held by an owner’s association, is known as a?

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AmitPaswan AmitPaswan · Answer 1 · 2022-08-22T05:28:22+02:00

This type of ownership is known as condominium.

A condominium is characterized by separate ownership of identified portions of the individual property (such as apartments in a multi-unit building) and undivided or joint ownership of the remainder (the common areas of that apartment building).

The most common form of condominium is the residential, multi-unit high-rise apartment style building, but the condominium concept is not limited to this form. Condominiums exist in commercial real estate settings, such as office condominiums, and in other residential forms, such as condominium townhouses.

A condominium is a form of ownership, not a type of building. The condominium is managed by the Condominium Association, which is composed of the owners of the individual units and which makes and enforces rules, sets and collects the dues and maintenance fees necessary to maintain the structure, and manages the common areas.

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