Condos can make for an ideal low upkeep way of life, second home, or investment property. § 55-79.forty five. How condominium may be created. Both condo and condominium are used colloquially in the Canadian Province of Quebec , where the official time period is copropriété divise or “co-property devise” (the noun “devise,” somewhat than the verb).

The expenses of sustaining the joint property is shared pro rata among the many homeowners. A. No zoning or different land use ordinance shall prohibit condominiums as such by cause of the type of possession inherent therein. A condominium, usually shortened to condo, is a sort of real property divided into several units which can be each individually owned, surrounded by frequent areas jointly owned.

“Condominium” is a Latin phrase fashioned by adding the prefix con- (“together”) to the word dominium (“area, property, ownership”). Such time period shall begin upon settlement of the primary unit to be sold in any portion of the condominium. (a) The terms defined in § 55-seventy nine.forty one shall be deemed to have the meanings therein specified wherever they appear in the condominium instruments unless the context otherwise requires.

Commonhold is a creature of statute and relatively uncommon, and …